Bread Financial (BFH) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 22, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-15749
Entity Registrant Name	ALLIANCE DATA SYSTEMS CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1429215
Entity Address, Address Line One	3075 Loyalty Circle
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43219
City Area Code	614
Local Phone Number	729-4000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	ADS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,723,638
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001101215
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 2,858.6	$ 3,081.5
Accounts receivable, net, less allowance for doubtful accounts ($5.3 million and $4.0 million at March 31, 2021 and December 31, 2020, respectively)	351.9	383.8
Credit card and loan receivables:
Credit card and loan receivables - restricted for securitization investors	10,221.3	11,208.5
Other credit card and loan receivables	5,315.3	5,575.9
Total credit card and loan receivables	15,536.6	16,784.4
Allowance for loan loss	(1,843.3)	(2,008)
Credit card and loan receivables, net	13,693.3	14,776.4
Inventories, net	146	164.3
Other current assets	519.9	534.9
Redemption settlement assets, restricted	725.7	693.5
Total current assets	18,295.4	19,634.4
Property and equipment, net	296.4	310.9
Right of use assets - operating	218.1	233.2
Deferred tax asset, net	383.5	359.2
Intangible assets, net	74.9	81.7
Goodwill	1,351.1	1,369.6
Other non-current assets	543.5	558.1
Total assets	21,162.9	22,547.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	331.9	328.2
Accrued expenses	447.1	444.7
Current operating lease liabilities	22.7	23.6
Current portion of deposits	6,787.4	6,553.9
Current portion of non-recourse borrowings of consolidated securitization entities	1,862.6	1,850.7
Current portion of long-term and other debt	101.4	101.4
Other current liabilities	266.6	220.9
Deferred revenue	920.4	898.5
Total current liabilities	10,740.1	10,421.9
Deferred revenue	102.2	105.5
Long-term operating lease liabilities	262.5	276.4
Deposits	3,169.5	3,238.7
Non-recourse borrowings of consolidated securitization entities	1,983.2	3,859.2
Long-term and other debt	2,681.5	2,704.3
Other liabilities	459.6	419.5
Total liabilities	19,398.6	21,025.5
Commitments and contingencies (Note 14)
Stockholders' equity:
Common stock, $0.01 par value; authorized, 200.0 million shares; issued, 117.1 million shares at each of March 31, 2021 and December 2020	1.2	1.2
Additional paid-in capital	3,431.3	3,427.2
Treasury stock, at cost, 67.4 million shares at each of March 31, 2021 and December 31, 2020	(6,733.9)	(6,733.9)
Retained earnings	5,108	4,832.1
Accumulated other comprehensive loss	(42.3)	(5)
Total stockholders' equity	1,764.3	1,521.6
Total liabilities and stockholders' equity	$ 21,162.9	$ 22,547.1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, net, allowance for doubtful accounts (in dollars)	$ 5.3	$ 4
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	200	200
Common stock, issued shares	117.1	117.1
Treasury stock, shares	67.4	67.4

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Services	$ 39.4	$ 46.6
Redemption, net	104.9	120.9
Finance charges, net	940.6	1,214.3
Total revenue	1,084.9	1,381.8
Operating expenses
Cost of operations (exclusive of depreciation and amortization disclosed separately below)	497.5	499.2
Provision for loan loss	33.4	655.9
General and administrative	16.9	23.9
Depreciation and other amortization	22.9	17.4
Amortization of purchased intangibles	11.1	21.4
Total operating expenses	581.8	1,217.8
Operating income	503.1	164
Interest expense
Securitization funding costs	33.6	49.9
Interest expense on deposits	45.5	60.3
Interest expense on long-term and other debt, net	29.6	28.4
Total interest expense, net	108.7	138.6
Income before income taxes	394.4	25.4
Provision (benefit) for income taxes	108.2	(4.6)
Net income	$ 286.2	$ 30
Basic income per share (Note 3):
Net income per share (in dollars per share)	$ 5.76	$ 0.63
Diluted income per share (Note 3):
Net income per share (in dollars per share)	$ 5.74	$ 0.63
Weighted average shares (Note 3):
Basic (in shares)	49.7	47.6
Diluted (in shares)	49.8	47.7

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 286.2	$ 30
Other comprehensive loss:
Unrealized (loss) gain on securities available-for-sale	(9)	2.7
Tax benefit (expense)	0.7	(1.1)
Unrealized (loss) gain on securities available-for-sale, net of tax	(8.3)	1.6
Unrealized gain on cash flow hedges	1.1	0.4
Tax expense	(0.2)	(0.1)
Unrealized gain on cash flow hedges, net of tax	0.9	0.3
Foreign currency translation adjustments (inclusive of deconsolidation of $3.8 million for the three months ended March 31, 2020 related to the sale of a business)	(29.9)	(20.1)
Other comprehensive loss, net of tax	(37.3)	(18.2)
Total comprehensive income, net of tax	$ 248.9	$ 11.8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Deconsolidation related to sale of businesses	$ 3.8

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained EarningsPeriod of Adoption Adjustment	Retained Earnings	Accumulated Other Comprehensive Loss	Period of Adoption Adjustment	Total
Balance (ASU 2016-13) at Dec. 31, 2019				$ (485)			$ (485)
Balance at Dec. 31, 2019	$ 1.1	$ 3,257.7	$ (6,733.9)		$ 5,163.3	$ (99.9)		$ 1,588.3
Balance (in shares) at Dec. 31, 2019	115
Increase (Decrease) in Stockholders' Equity
Net income					30			30
Other comprehensive loss						(18.2)		(18.2)
Stock-based compensation		4.7						4.7
Dividends and dividend equivalent rights declared					(29.5)			(29.5)
Other	$ 0.1	(2.7)						(2.6)
Balance at Mar. 31, 2020	$ 1.2	3,259.7	(6,733.9)		4,678.8	(118.1)		1,087.7
Balance (in shares) at Mar. 31, 2020	115
Balance at Dec. 31, 2020	$ 1.2	3,427.2	(6,733.9)		4,832.1	(5)		1,521.6
Balance (in shares) at Dec. 31, 2020	117.1
Increase (Decrease) in Stockholders' Equity
Net income					286.2			286.2
Other comprehensive loss						(37.3)		(37.3)
Stock-based compensation		6.8						6.8
Dividends and dividend equivalent rights declared					(10.3)			(10.3)
Other		(2.7)						(2.7)
Balance at Mar. 31, 2021	$ 1.2	$ 3,431.3	$ (6,733.9)		$ 5,108	$ (42.3)		$ 1,764.3
Balance (in shares) at Mar. 31, 2021	117.1

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Apr. 29, 2021	Jan. 28, 2021	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Common Stock dividends and dividend equivalent rights declared (in dollars per share)	$ 0.21	$ 0.21	$ 0.21	$ 0.63

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 286.2	$ 30
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34	38.8
Deferred income taxes	(25.8)	(158.7)
Provision for loan loss	33.4	655.9
Non-cash stock compensation	6.8	4.7
Amortization of deferred financing costs	8.5	9.5
Change in operating assets and liabilities, net of sale of business	154.9	8.6
Other	19.2	(16.3)
Net cash provided by operating activities	517.2	572.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Change in redemption settlement assets	(13.1)	1
Change in credit card and loan receivables	1,034.6	1,446.7
Proceeds from sale of business		25.4
Proceeds from sale of credit card portfolio		289.5
Capital expenditures	(12.2)	(15.7)
Purchases of other investments	(22.3)	(14)
Maturities/sales of other investments	22.1	13.2
Other	(0.1)	0.2
Net cash provided by investing activities	1,009	1,746.3
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under debt agreements		500
Repayments of borrowings	(25.4)	(275.4)
Non-recourse borrowings of consolidated securitization entities	175	350
Repayments/maturities of non-recourse borrowings of consolidated securitization entities	(2,039.1)	(1,275)
Net increase (decrease) in deposits	162.2	(769.4)
Payment of deferred financing costs	(0.2)	(0.6)
Dividends paid	(10.7)	(30.3)
Other	(2.6)	(2.7)
Net cash used in financing activities	(1,740.8)	(1,503.4)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.7)	(7.6)
Change in cash, cash equivalents and restricted cash	(216.3)	807.8
Cash, cash equivalents and restricted cash at beginning of period	3,463.2	3,958.1
Cash, cash equivalents and restricted cash at end of period	3,246.9	4,765.9
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	103.4	138.3
Income taxes paid, net	$ 20.5	$ 44.6

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Alliance Data Systems Corporation (“ADSC” or, including its consolidated subsidiaries and variable interest entities (“VIEs”), the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets; (2) liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and (3) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ​ Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. This ASU is elective and is effective upon issuance for all entities. The Company is evaluating the impact that adoption of ASU 2020-04 will have on its consolidated financial statements. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” ASU 2019-12 eliminated certain exceptions within Accounting Standards Codification (“ASC”) 740, “Income Taxes,” and clarified certain aspects of ASC 740 to promote consistency among reporting entities. Most amendments within the standard were required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company’s adoption of this standard on January 1, 2021 did not have a material impact on its consolidated financial statements.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2021
REVENUE
REVENUE	​ ​ 2. REVENUE The Company’s products and services are reported under two segments—LoyaltyOne and Card Services, as shown below. The following tables present revenue disaggregated by major source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2021 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 66.8 ​ $ — ​ $ — ​ $ 66.8 Short-term loyalty programs ​ 106.3 ​ — ​ — ​ 106.3 Servicing fees, net ​ — ​ (32.3) ​ — ​ (32.3) Revenue from contracts with customers ​ $ 173.1 ​ $ (32.3) ​ $ — ​ $ 140.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance charges, net ​ — ​ 940.6 ​ — ​ 940.6 Investment income ​ 3.5 ​ — ​ — ​ 3.5 Total ​ $ 176.6 ​ $ 908.3 ​ $ — ​ $ 1,084.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2020 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 71.3 ​ $ — ​ $ — ​ $ 71.3 Short-term loyalty programs ​ 120.3 ​ — ​ — ​ 120.3 Servicing fees, net ​ — ​ (30.7) ​ — ​ (30.7) Other ​ 3.3 ​ — ​ 0.1 ​ 3.4 Revenue from contracts with customers ​ $ 194.9 ​ $ (30.7) ​ $ 0.1 ​ $ 164.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance charges, net ​ — ​ 1,214.3 ​ — ​ 1,214.3 Investment income ​ 3.2 ​ — ​ — ​ 3.2 Total ​ $ 198.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,381.8 ​ The following tables present revenue disaggregated by geographic region based on the location of the subsidiary that generally correlates with the location of the customer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2021 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 1.0 ​ $ 908.2 ​ $ — ​ $ 909.2 Canada ​ 79.9 ​ 0.1 ​ — ​ 80.0 Europe, Middle East and Africa ​ 79.4 ​ — ​ — ​ 79.4 Asia Pacific ​ 14.9 ​ — ​ — ​ 14.9 Other ​ 1.4 ​ — ​ — ​ 1.4 Total ​ $ 176.6 ​ $ 908.3 ​ $ — ​ $ 1,084.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2020 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 2.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,185.8 Canada ​ 79.1 ​ — ​ — ​ 79.1 Europe, Middle East and Africa ​ 68.6 ​ — ​ — ​ 68.6 Asia Pacific ​ 37.0 ​ — ​ — ​ 37.0 Other ​ 11.3 ​ — ​ — ​ 11.3 Total ​ $ 198.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,381.8 ​ Contract Liabilities The Company records a contract liability when cash payments are received in advance of its performance, which applies to the service and redemption of an AIR MILES ® A reconciliation of contract liabilities for the AIR MILES Reward Program is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue ​ Service Redemption Total ​ ​ (in millions) Balance at January 1, 2021 ​ $ 247.2 ​ $ 756.8 ​ $ 1,004.0 Cash proceeds ​ 40.6 ​ 65.9 ​ 106.5 Revenue recognized (1) ​ (49.9) ​ (52.2) ​ (102.1) Other ​ — ​ 0.3 ​ 0.3 Effects of foreign currency translation ​ 3.3 ​ 10.6 ​ 13.9 Balance at March 31, 2021 ​ $ 241.2 ​ $ 781.4 ​ $ 1,022.6 Amounts recognized in the consolidated balance sheets: ​ ​ ​ Deferred revenue (current) ​ $ 139.0 ​ $ 781.4 ​ $ 920.4 Deferred revenue (non-current) ​ $ 102.2 ​ $ — ​ $ 102.2 (1) Reported on a gross basis herein. ​ The deferred redemption obligation associated with the AIR MILES Reward Program is effectively due on demand from the collector base, thus the timing of revenue recognition is based on the redemption by the collector. Service revenue is amortized over the expected life of a mile, with the deferred revenue balance expected to be recognized into revenue in the amount of $113.4 million in 2021 2022 2023 2024 ​ Additionally, contract liabilities for the Company’s short-term loyalty programs are recognized in other current liabilities in the Company’s unaudited condensed consolidated balance sheets. The beginning balance as of January 1, 2021 was $66.9 million and the closing balance as of March 31, 2021 was $71.1 million, with the change due to cash payments received in advance of program performance, offset in part by revenue recognized of approximately $83.2 million during the three months ended March 31, 2021. Contract Costs The Company recognizes an asset for the incremental costs of obtaining or fulfilling a contract with the retailer for a credit card program agreement to the extent it expects to recover those costs, in accordance with ASC 340-40, “Other Assets and Deferred Costs.” Contract costs are deferred and amortized on a straight-line basis that is consistent with the transfer of services, which is generally the term of the contract. Depending on the nature of the contract costs, the amortization is recorded as a reduction to revenue, or costs of operations, in the Company’s unaudited condensed consolidated statements of income. As of March 31, 2021 and December 31, 2020, the remaining unamortized contract costs were $296.9 million and $311.1 million, respectively, and are included in other current assets and other non-current assets in the Company’s unaudited condensed consolidated balance sheets.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	3. EARNINGS PER SHARE ​ The following table sets forth the computation of basic and diluted net income per share of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ ​ (in millions, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 286.2 ​ $ 30.0 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average shares, basic ​ 49.7 ​ 47.6 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ ​ Net effect of dilutive unvested restricted stock (1) ​ 0.1 ​ 0.1 Denominator for diluted calculation ​ 49.8 ​ 47.7 ​ ​ ​ ​ ​ ​ ​ Basic net income per share: ​ $ 5.76 ​ $ 0.63 Diluted net income per share: ​ $ 5.74 ​ $ 0.63 (1) For the three months ended March 31, 2021 and 2020, 0.2 million and 0.3 million of restricted stock units, respectively, were excluded from the calculation of weighted average dilutive common shares as the effect would have been anti-dilutive.

ACQUISITION

ACQUISITION	3 Months Ended
	Mar. 31, 2021
ACQUISITION
ACQUISITION	4. ACQUISITION On September 28, 2020, the Company acquired 3.5 million preferred Series D Shares of Lon Inc., a Delaware corporation (“Bread”), for approximately $25.0 million, which represented an approximate 6% ownership interest in Bread. Bread is a technology-driven digital payments company, offering an omnichannel solution for retailers and platform capabilities to bank partners. On December 3, 2020, the Company acquired the remaining interest in Bread. In accordance with ASC 805, the Company’s approximate 6% interest was remeasured at fair value when control of Bread was obtained on December 3, 2020; no gain or loss was recognized on the remeasurement. Consideration for the 100% ownership of Bread consisted of cash of $275.0 million, equity of $149.2 million with the issuance of 1.9 million shares of the Company’s common stock, and deferred cash consideration of $75.0 million due December 2021, subject to customary closing purchase price adjustments. Consideration, net of cash and restricted cash acquired, was $491.0 million. The following table summarizes the allocation of the consideration and the respective fair values of the assets acquired and liabilities assumed in the Bread transaction as of the acquisition date, net of cash acquired: ​ ​ ​ ​ ​ As of ​ ​ (in millions) Installment loan receivables ​ $ 111.7 Accounts receivable ​ ​ 0.2 Other current assets ​ ​ 0.6 Property and equipment ​ ​ 0.3 Developed technology ​ ​ 90.7 Right of use assets - operating ​ ​ 3.6 Deferred tax asset, net ​ ​ 7.0 Intangible assets ​ ​ 11.3 Goodwill ​ ​ 369.6 Total assets acquired ​ 595.0 ​ ​ ​ ​ Accounts payable ​ 2.0 Accrued expenses ​ 2.9 Operating lease liabilities ​ 3.5 Non-recourse borrowings of consolidated securitization entities ​ 95.6 Total liabilities assumed ​ 104.0 ​ ​ ​ ​ Net assets acquired, net of cash and restricted cash ​ $ 491.0 ​ ​

DISPOSITION

DISPOSITION	3 Months Ended
	Mar. 31, 2021
DISPOSITION
DISPOSITION	5. DISPOSITION On January 10, 2020, the Company sold Precima ® ​ ​ ​ ​ ​ ​ January 10, ​ 2020 ​ ​ (in millions) Total consideration (1) ​ $ 43.8 Net carrying value of assets and liabilities (including other comprehensive income) ​ 26.8 Allocation of goodwill ​ 3.2 Strategic transaction costs ​ 5.8 Pre-tax gain on sale of business, net of strategic transaction costs ​ $ 8.0 (1) Consideration as defined included cash associated with the sold Precima entities, which was $10.8 million .

CREDIT CARD AND LOAN RECEIVABLE

CREDIT CARD AND LOAN RECEIVABLES	3 Months Ended
	Mar. 31, 2021
CREDIT CARD AND LOAN RECEIVABLES
CREDIT CARD AND LOAN RECEIVABLES	​ ​ 6. CREDIT CARD AND LOAN RECEIVABLES Quantitative information about the components of the Company’s credit card and loan receivables is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2021 2020 ​ ​ (in millions) Credit card receivables ​ $ 15,142.0 ​ $ 16,376.4 Installment loan receivables ​ ​ 131.0 ​ ​ 118.0 Other ​ 263.6 ​ 290.0 Total credit card and loan receivables ​ 15,536.6 ​ 16,784.4 Less: Credit card and loan receivables – restricted for securitization investors ​ 10,221.3 ​ 11,208.5 Other credit card and loan receivables ​ $ 5,315.3 ​ $ 5,575.9 ​ Allowance for Loan Loss The allowance for loan loss is an estimate of expected credit losses, measured over the estimated life of its credit card and loan receivables that considers forecasts of future economic conditions in addition to information about past events and current conditions. The estimate under the current expected credit loss (“CECL”) model is significantly influenced by the composition, characteristics and quality of the Company’s portfolio of credit card and loan receivables, as well as the prevailing economic conditions and forecasts utilized. The estimate of the allowance for loan loss includes an estimate for uncollectible principal as well as unpaid interest and fees. Charge-offs of principal amounts, net of recoveries are deducted from the allowance. The allowance is maintained through an adjustment to the provision for loan loss and is evaluated for appropriateness. Credit Card Receivables ASC 326, “Financial Instruments—Credit Losses,” requires entities to use a “pooled” approach to estimate expected credit losses for financial assets with similar risk characteristics. To estimate its allowance for loan loss, the Company segregates its credit card receivables into four groups with similar risk characteristics, on the basis of delinquency status and credit quality risk score, which were determined by the Company to be the most significant characteristics for estimating expected credit losses. These risk characteristics are evaluated on at least an annual basis, or more frequently as facts and circumstances warrant. The Company’s credit card receivables do not have stated maturities and therefore prepayments are not factored into the determination of the estimated life of the credit card receivables. In determining the estimated life of a credit card receivable, payments were applied to the measurement date balance with no payments allocated to future purchase activity. The Company uses a combination of First In First Out (“FIFO”) and the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (“CARD Act”) methodology to model balance paydown. The Company’s groups of pooled financial assets with similar risk characteristics and their estimated life is as follows: ​ ​ ​ ​ ​ ​ ​ Estimated Life ​ ​ (in months) Group A (Current, risk score - high) ​ ​ 14 Group B (Current, risk score - low) ​ ​ 19 Group C (Delinquent, risk score - high) ​ ​ 17 Group D (Delinquent, risk score - low) ​ ​ 26 ​ In estimating its allowance for loan loss, for each identified group, management utilizes various models and estimation techniques based on historical loss experience, current conditions, reasonable and supportable forecasts and other relevant factors. These models utilize historical data and applicable macroeconomic variables with statistical analysis and behavioral relationships with credit performance. The Company’s quantitative estimate of expected credit losses under CECL is impacted by certain forecasted economic factors. Management utilizes a third party service to analyze a number of scenarios, but uses one scenario to determine the macroeconomic variables over the forecast period. The Company considers the forecast used to be reasonable and supportable over the estimated life of the credit card receivables, with no reversion period. In addition to the quantitative estimate of expected credit losses, the Company also incorporates qualitative adjustments for certain factors such as Company-specific risks, changes in current economic conditions that may not be captured in the quantitatively derived results, or other relevant factors to ensure the allowance for loan loss reflects the Company’s best estimate of current expected credit losses. As permitted by ASC 326, the Company excludes unbilled finance charges from its amortized cost basis of credit card and loan receivables. As of March 31, 2021 and December 31, 2020, unbilled finance charges were $201.8 million and $219.4 million, respectively, and are included in other credit card and loan receivables in the Company’s unaudited condensed consolidated balance sheets. Installment Loan Receivables The allowance for loan loss for installment loan receivables utilizes a migration model over the remaining life of the loans. The model segments accounts based on three attributes: delinquency, risk score and remaining term. As of March 31, 2021 and December 31, 2020, the allowance for loan loss related to installment loan receivables was $6.5 million and $5.7 million, respectively. Allowance for Loan Loss Rollforward The following table presents the Company’s allowance for loan loss for its credit card and loan receivables for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 (1) 2020 ​ ​ (in millions) Balance at beginning of period ​ $ 2,008.0 ​ $ 1,171.1 Adoption of ASC 326 (2) ​ ​ — ​ ​ 644.0 Provision for loan loss ​ 33.4 ​ 655.9 Recoveries ​ 50.9 ​ 67.9 Principal charge-offs ​ (249.0) ​ (388.1) Balance at end of period ​ $ 1,843.3 ​ $ 2,150.8 (1) With the acquisition of Bread in December 2020, the Company acquired certain installment loans which represented a separate portfolio segment. As the amount of the allowance for loan loss was immaterial, the amounts were included in the above table. (2) Recorded January 1, 2020 through a cumulative-effect adjustment to retained earnings, net of taxes. For the three months ended March 31, 2021, the decrease in the allowance for loan loss was due to a decline in credit card and loan receivables due to the pandemic, improvement in the macroeconomic outlook and lower principal charge-offs. For the three months ended March 31, 2020, the increase in the allowance for loan loss, in addition to the impact of the $644.0 million attributable to the adoption of ASC 326, was due to an increase in delinquent amounts and deterioration of the macroeconomic outlook due to COVID-19. Net Charge-offs Net charge-offs include the principal amount of losses that are deemed uncollectible, less recoveries and exclude charged-off interest, fees and fraud losses. Charged-off interest and fees reduce finance charges, net while fraud losses are recorded as a cost of operations expense. Credit card receivables, including unpaid interest and fees, are charged-off in the month during which an account becomes 180 days contractually past due, except in the case of customer bankruptcies or death. Installment loan receivables, including unpaid interest, are charged-off when a loan is 120 days past due. Credit card receivables, including unpaid interest and fees, associated with customer bankruptcies or death are charged-off in each month subsequent to 60 days after the receipt of notification of the bankruptcy or death, but in any case, not later than the 180-day contractual time frame. For the three months ended March 31, 2021 and 2020, principal charge-offs, net of recoveries, were $198.1 million and $320.2 million, respectively. Charge-offs for unpaid interest and fees were $130.5 million and $231.9 million for the three months ended March 31, 2021 and 2020, respectively. Delinquencies An account is contractually delinquent if the Company does not receive the minimum payment by the specified due date. It is the Company’s policy to continue to accrue interest and fee income on all accounts, except in limited circumstances, until the account balance and all related interest and other fees are paid or charged-off, typically at 180 days delinquent for credit card receivables and 120 days delinquent for installment loan receivables. After an account becomes 30 days past due, a proprietary collection scoring algorithm automatically scores the risk of the account becoming further delinquent. The collection system then recommends a collection strategy for the past due account based on the collection score and account balance and dictates the contact schedule and collections priority for the account. If the Company is unable to make a collection after exhausting all in-house collection efforts, the Company may engage collection agencies and outside attorneys to continue those efforts. The following table presents the amortized cost basis of the aging analysis of the Company’s credit card and loan receivables portfolio: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aging Analysis of Delinquent Amortized Cost (1) ​ ​ ​ ​ ​ ​ ​ 31 to 60 days 61 to 90 days 91 or more days delinquent Total Current Total ​ ​ (in millions) As of March 31, 2021 $ 193.5 ​ $ 149.3 ​ $ 384.8 ​ $ 727.6 ​ $ 14,545.4 ​ $ 15,273.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 $ 272.5 ​ $ 203.3 ​ $ 439.8 ​ $ 915.6 ​ $ 15,578.8 ​ $ 16,494.4 (1) As the amount of the installment loans and associated delinquencies were immaterial, the amounts were included in the above table for both the period ended March 31, 2021 and December 31, 2020. Modified Credit Card Receivables Forbearance Programs In response to the COVID-19 pandemic, the Company offered forbearance programs, which provided for short-term modifications in the form of payment deferrals and late fee waivers to borrowers who were current with their payments prior to any relief. As of March 31, 2021 and December 31, 2020, the credit card receivables in these deferral forbearance programs were approximately $115.2 million and $157.4 million, respectively. Additionally, the Company instituted two short-term programs with durations of three and six months , which provide concessions consisting primarily of a reduced minimum payment and an interest rate reduction, the balances of which were $41.8 million and $67.3 million as of March 31, 2021 and December 31, 2020, respectively. As these short-term modifications were made in response to COVID-19 to borrowers who were current prior to any relief, these are not considered troubled debt restructurings under the Interagency Statement guidance on certain loan modifications and an interpretation of ASC 310-40, “Receivables—Troubled Debt Restructurings by Creditors.” Troubled Debt Restructurings The Company holds certain credit card receivables for which the terms have been modified. The Company’s modified credit card receivables include credit card receivables for which temporary hardship concessions have been granted and credit card receivables in permanent workout programs. These modified credit card receivables include concessions consisting primarily of a reduced minimum payment and an interest rate reduction. The temporary programs’ concessions remain in place for a period no longer than twelve months, while the permanent programs remain in place through the payoff of the credit card receivables if the credit cardholder complies with the terms of the program. Additionally, the Company instituted two temporary hardship programs with durations of three Troubled debt restructuring concessions do not include the forgiveness of unpaid principal, but may involve the reversal of certain unpaid interest or fee assessments. In the case of the temporary hardship programs, at the end of the concession period, credit card receivable terms revert to standard rates. These arrangements are automatically terminated if the customer fails to make payments in accordance with the terms of the program, at which time their account reverts back to its original terms. Credit card receivables for which temporary hardship and permanent concessions were granted are each considered troubled debt restructurings and are collectively evaluated for impairment. The Company had $460.6 million and $489.8 million, respectively, as a recorded investment in impaired credit card receivables as of March 31, 2021 and December 31, 2020, respectively, which represented approximately 3% of the Company’s total credit card receivables as of March 31, 2021 and December 31, 2020, respectively. The average recorded investment in impaired credit card receivables was $481.7 million and $314.7 million for the three months ended March 31, 2021 and 2020, respectively. Interest income on these modified credit card receivables is accounted for in the same manner as other accruing credit card receivables. Cash collections on these modified credit card receivables are allocated according to the same payment hierarchy methodology applied to credit card receivables that are not in such programs. The Company recognized $8.8 million and $5.5 million for the three months ended March 31, 2021 and 2020, respectively, in interest income associated with modified credit card receivables during the period that such credit card receivables were impaired. The following table provides information on credit card receivables that are considered troubled debt restructurings as described above, which entered into a modification program during the specified periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 ​ ​ ​ ​ Pre-modification ​ Post-modification ​ ​ ​ Pre-modification ​ Post-modification ​ ​ Number of ​ Outstanding ​ Outstanding ​ Number of ​ Outstanding ​ Outstanding ​ Restructurings Balance Balance Restructurings Balance Balance ​ ​ (Dollars in millions) Troubled debt restructurings – credit card receivables ​ 63,628 $ 93.2 $ 93.0 ​ 75,065 $ 112.8 $ 112.7 The table below summarizes troubled debt restructurings that have defaulted in the specified periods where the default occurred within 12 months of their modification date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 ​ ​ Number of ​ Outstanding Number of ​ Outstanding ​ Restructurings Balance Restructurings Balance ​ ​ (Dollars in millions) Troubled debt restructurings that subsequently defaulted – credit card receivables 51,009 ​ $ 67.0 ​ 31,670 ​ $ 44.0 ​ ​ Credit Quality Credit Card Receivables The Company uses proprietary scoring models developed specifically for the purpose of monitoring the Company’s obligor credit quality for its credit card receivables. The proprietary scoring models are used as a tool in the underwriting process and for making credit decisions. The proprietary scoring models are based on historical data and require various assumptions about future performance, which the Company updates periodically. Information regarding customer performance is factored into these proprietary scoring models to determine the probability of an account becoming 91 or more days past due at any time within the next 12 months. Obligor credit quality is monitored at least monthly during the life of an account. The following table reflects the composition of the Company’s credit card receivables by obligor credit quality as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Revolving Credit Card Receivables ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 ​ ​ ​ ​ Percentage of ​ ​ Percentage of ​ ​ ​ ​ Amortized ​ ​ ​ ​ Amortized Probability of an Account Becoming 91 or More Days Past ​ Amortized ​ Cost Basis ​ ​ Amortized ​ Cost Basis Due or Becoming Charged-off (within the next 12 months) Cost Basis Outstanding Cost Basis Outstanding ​ ​ (in millions, except percentages) ​ No Score ​ $ 182.4 1.2 % $ 204.1 1.2 % 27.1% and higher ​ 1,208.3 8.0 ​ 1,390.4 8.5 ​ 17.1% - 27.0% ​ 780.6 5.2 ​ 848.8 5.2 ​ 12.6% - 17.0% ​ 841.1 5.6 ​ 937.0 5.7 ​ 3.7% - 12.5% ​ 6,633.1 43.8 ​ 7,305.5 44.6 ​ 1.9% - 3.6% ​ 2,633.0 17.4 ​ 2,939.5 17.9 ​ Lower than 1.9% ​ 2,863.5 18.8 ​ 2,751.1 16.9 ​ Total ​ $ 15,142.0 100.0 % $ 16,376.4 100.0 % ​ Note: The Company’s credit card receivables are revolving receivables as they do not have stated maturities and are exempted from certain vintage disclosures required under ASC 326. The proprietary scoring models are based on historical data and require various assumptions about future performance, which the Company updates periodically. Obligor credit quality is monitored at least monthly during the life of an account. Installment Loan Receivables The amortized cost basis of the Company’s installment loan receivables totaled $131.0 million and $118.0 million as of March 31, 2021 and December 31, 2020, respectively. Approximately 86% of these loans were originated by customers with Fair Isaac Corporation (“FICO”) scores of 660 or above, and approximately 14% of these loans were originated by customers with FICO scores below 660 for each of the periods ended March 31, 2021 and December 31, 2020, respectively. Securitized Credit Card Receivables The Company regularly securitizes its credit card and loan receivables through its trusts. The Company continues to own and service the accounts that generate credit card and loan receivables held by the trusts. In its capacity as a servicer, each of the respective entities earns a fee from the trusts to service and administer the credit card and loan receivables, collect payments and charge-off uncollectible receivables. These fees are eliminated and therefore are not reflected in the Company’s unaudited condensed consolidated statements of income for the three months ended March 31, 2021 and 2020. ​ The trusts are VIEs and the assets of these consolidated VIEs include certain credit card receivables that are restricted to settle the obligations of those entities and are not expected to be available to the Company or its creditors. The liabilities of the consolidated VIEs include non-recourse secured borrowings and other liabilities for which creditors or beneficial interest holders do not have recourse to the general credit of the Company. The tables below present quantitative information about the components of total securitized credit card receivables, delinquencies and net charge-offs: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2021 2020 ​ ​ (in millions) Total credit card and loan receivables – restricted for securitization investors ​ $ 10,221.3 ​ $ 11,208.5 Principal amount of credit card and loan receivables – restricted for securitization investors, 91 days or more past due ​ $ 174.7 ​ $ 200.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 ​ ​ (in millions) Net charge-offs of securitized principal ​ $ 131.1 ​ $ 239.5 ​

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Mar. 31, 2021
INVENTORIES, NET
INVENTORIES, NET	7. INVENTORIES, NET Inventories, net of $146.0 million and $164.3 million at March 31, 2021 and December 31, 2020, respectively, primarily consist of finished goods to be utilized as rewards in the Company’s loyalty programs. Inventories, net are stated at the lower of cost and net realizable value and valued primarily on a first-in-first-out basis. The Company records valuation adjustments to its inventories if the cost of inventory exceeds the amount it expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management’s judgment regarding future market conditions and an analysis of historical experience.

OTHER INVESTMENTS

OTHER INVESTMENTS	3 Months Ended
	Mar. 31, 2021
OTHER INVESTMENTS
OTHER INVESTMENTS	8. OTHER INVESTMENTS Other investments consist of marketable securities and U.S. Treasury bonds and are included in other current assets and other non-current assets in the Company’s unaudited condensed consolidated balance sheets. Marketable securities include available-for-sale debt securities, mutual funds and domestic certificate of deposit investments. The principal components of other investments, which are carried at fair value, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ Amortized Unrealized Unrealized ​ ​ Amortized Unrealized Unrealized ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in millions) Marketable securities ​ $ 218.2 ​ $ 5.5 ​ $ (1.7) ​ $ 222.0 ​ $ 219.0 ​ $ 6.4 ​ $ — ​ $ 225.4 Total ​ $ 218.2 ​ $ 5.5 ​ $ (1.7) ​ $ 222.0 ​ $ 219.0 ​ $ 6.4 ​ $ — ​ $ 225.4 ​ The following table shows the unrealized losses and fair value for those investments that were in an unrealized loss position as of March 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position. Unrealized losses as of December 31, 2020 were de minimis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ Unrealized ​ ​ Unrealized ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Fair Value Losses ​ ​ (in millions) Marketable securities ​ $ 41.7 ​ $ (1.7) ​ $ — ​ $ — ​ $ 41.7 ​ $ (1.7) Total ​ $ 41.7 ​ $ (1.7) ​ $ — ​ $ — ​ $ 41.7 ​ $ (1.7) ​ The amortized cost and estimated fair value of the marketable securities at March 31, 2021 by contractual maturity are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ Cost Fair Value ​ ​ (in millions) Due in one year or less (1) ​ $ 45.7 ​ $ 45.7 Due after one year through five years ​ ​ 0.7 ​ ​ 0.7 Due after five years through ten years ​ — ​ — Due after ten years ​ 171.8 ​ 175.6 Total ​ $ 218.2 ​ $ 222.0 (1) Includes mutual funds, which do not have a stated maturity. Market values were determined for each individual security in the investment portfolio. For available-for-sale debt securities in which fair value is less than cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. The Company typically invests in highly-rated securities with low probabilities of default and has the intent and ability to hold the investments until maturity, and the Company performs an assessment each period for credit-related impairment. As of March 31, 2021, the Company does not consider its investments to be impaired. There were no realized gains or losses from the sale of investment securities for the three months ended March 31, 2021 and 2020.

REDEMPTION SETTLEMENT ASSETS

REDEMPTION SETTLEMENT ASSETS	3 Months Ended
	Mar. 31, 2021
REDEMPTION SETTLEMENT ASSETS
REDEMPTION SETTLEMENT ASSETS	9. REDEMPTION SETTLEMENT ASSETS Redemption settlement assets consist of restricted cash and securities available-for-sale and are designated for settling redemptions by collectors of the AIR MILES Reward Program in Canada under certain contractual relationships with sponsors of the AIR MILES Reward Program. The principal components of redemption settlement assets, which are carried at fair value, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in millions) Restricted cash $ 71.8 $ — $ — $ 71.8 $ 55.4 $ — $ — $ 55.4 Mutual funds ​ ​ 26.5 ​ ​ — ​ ​ — ​ ​ 26.5 ​ ​ 26.9 ​ ​ — ​ ​ — ​ ​ 26.9 Corporate bonds ​ ​ 614.9 ​ ​ 14.6 ​ ​ (2.1) ​ ​ 627.4 ​ ​ 592.3 ​ ​ 19.1 ​ ​ (0.2) ​ ​ 611.2 Total $ 713.2 $ 14.6 $ (2.1) $ 725.7 $ 674.6 $ 19.1 $ (0.2) $ 693.5 ​ The following tables show the unrealized losses and fair value for those investments that were in an unrealized loss position as of March 31, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Fair Value Losses ​ ​ (in millions) Corporate bonds ​ $ 124.5 ​ $ (2.0) ​ $ 10.5 ​ $ (0.1) ​ $ 135.0 ​ $ (2.1) Total $ 124.5 $ (2.0) $ 10.5 $ (0.1) $ 135.0 $ (2.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Fair Value Losses ​ ​ (in millions) Corporate bonds ​ $ 46.2 ​ $ (0.1) ​ $ 10.3 ​ $ (0.1) ​ $ 56.5 $ (0.2) Total ​ $ 46.2 ​ $ (0.1) ​ $ 10.3 ​ $ (0.1) ​ $ 56.5 ​ $ (0.2) ​ The amortized cost and estimated fair value of the securities at March 31, 2021 by contractual maturity are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ Cost Fair Value ​ ​ (in millions) Due in one year or less (1) ​ $ 139.9 ​ $ 140.6 Due after one year through five years ​ 469.7 ​ 482.2 Due after five year through ten years ​ ​ 31.8 ​ ​ 31.1 Total ​ $ 641.4 ​ $ 653.9 (1) Includes mutual funds, which do not have a stated maturity. Market values were determined for each individual security in the investment portfolio. For available-for-sale debt securities in which fair value is less than cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. The Company typically invests in highly-rated securities with low probabilities of default and has the intent and ability to hold the investments until maturity, and the Company performs an assessment each period for credit-related impairment. As of March 31, 2021, the Company does not consider its investments to be impaired. There were no realized gains or losses from the sale of investment securities for the three months ended March 31, 2021 and 2020.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
LEASES
LEASES	10. LEASES The Company has operating leases for general office properties, warehouses, data centers, customer care centers, automobiles and certain equipment. As of March 31, 2021, the Company’s leases have remaining lease terms of less than 1 year to 17 years, some of which may include renewal options. For leases in which the implicit rate is not readily determinable, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of the lease payments. The incremental borrowing rate is based on the Company’s specific rate of interest to borrow on a collateralized basis, over a similar term and in a similar economic environment as the lease. Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Additionally, the Company accounts for lease and nonlease components as a single lease component for its identified asset classes. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 ​ 2020 ​ ​ (in millions) Operating lease cost $ 11.1 ​ $ 10.2 Short-term lease cost ​ ​ 0.2 ​ ​ 0.3 Variable lease cost ​ ​ 1.6 ​ ​ 0.2 Total ​ $ 12.9 ​ $ 10.7 ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ March 31, ​ 2021 ​ 2020 Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 10.7 ​ ​ 11.3 Weighted-average discount rate: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 5.3% ​ ​ 5.2% ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 ​ 2020 ​ ​ (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases ​ $ 14.3 ​ $ 14.4 Right of use assets obtained in exchange for lease obligations: Operating leases ​ $ 1.7 ​ $ 2.6 ​ Maturities of the lease liabilities as of March 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Year ​ Leases ​ (in millions) 2021 (excluding the three months ended March 31, 2021) ​ $ 27.0 2022 ​ 39.9 2023 ​ 37.0 2024 ​ 34.7 2025 ​ 33.8 Thereafter ​ 206.7 Total undiscounted lease liabilities ​ ​ 379.1 Less: Amount representing interest ​ ​ (93.9) Total present value of minimum lease payments ​ $ 285.2 ​ ​ ​ ​ Amounts recognized in the March 31, 2021 consolidated balance sheet: ​ ​ ​ Current operating lease liabilities ​ $ 22.7 Long-term operating lease liabilities ​ ​ 262.5 Total ​ $ 285.2 ​

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	3 Months Ended
	Mar. 31, 2021
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL	​ ​ 11. INTANGIBLE ASSETS AND GOODWILL Intangible Assets Intangible assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ Gross Accumulated ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in millions) ​ ​ Definite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer contracts and lists ​ $ 348.9 ​ $ (341.1) ​ $ 7.8 3 years—straight line Premium on purchased credit card portfolios ​ 137.2 ​ ​ (78.1) ​ 59.1 3-13 years—straight line Collector database ​ 55.7 ​ ​ (55.3) ​ 0.4 5 years—straight line Tradenames ​ 33.6 ​ ​ (29.2) ​ 4.4 4-15 years—straight line Non-compete agreements ​ 2.2 ​ ​ (0.2) ​ ​ 2.0 5 years—straight line ​ ​ $ 577.6 ​ $ (503.9) ​ $ 73.7 ​ ​ Indefinite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 1.2 ​ ​ — ​ 1.2 Indefinite life Total intangible assets ​ $ 578.8 ​ $ (503.9) ​ $ 74.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Gross Accumulated ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in millions) ​ ​ Definite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer contracts and lists ​ $ 363.0 ​ $ (354.5) ​ $ 8.5 3-7 years—straight line Premium on purchased credit card portfolios ​ 137.2 ​ ​ (72.8) ​ 64.4 3-13 years—straight line Collector database ​ 55.0 ​ ​ (54.5) ​ 0.5 5 years—straight line Tradenames ​ 35.0 ​ ​ (30.1) ​ 4.9 4-15 years—straight line Non-compete agreements ​ 2.2 ​ ​ — ​ ​ 2.2 5 years—straight line ​ ​ $ 592.4 ​ $ (511.9) ​ $ 80.5 ​ ​ Indefinite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 1.2 ​ — ​ 1.2 Indefinite life Total intangible assets ​ $ 593.6 ​ $ (511.9) ​ $ 81.7 ​ ​ ​ The estimated amortization expense related to intangible assets for the next five years and thereafter is as follows: ​ ​ ​ ​ ​ ​ For the Years Ending ​ December 31, ​ ​ (in millions) 2021 (excluding the three months ended March 31, 2021) ​ $ 19.2 2022 ​ 21.0 2023 ​ 16.1 2024 ​ 11.2 2025 ​ 2.4 Thereafter ​ 3.8 ​ Goodwill The changes in the carrying amount of goodwill are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LoyaltyOne Card Services Total ​ ​ (in millions) Balance at January 1, 2021 ​ $ 736.0 ​ $ 633.6 ​ $ 1,369.6 ​ Effects of foreign currency translation ​ (18.5) ​ — ​ (18.5) ​ Balance at March 31, 2021 ​ $ 717.5 ​ $ 633.6 ​ $ 1,351.1 ​ ​ The Company tests goodwill for impairment annually, or when events and circumstances change that would indicate the carrying value may not be recoverable. As of March 31, 2021, the Company does not believe it is more likely than not that the fair value of any reporting unit is less than its carrying amount. No further testing of goodwill impairments will be performed until July 1, 2021, unless events occur or circumstances indicate an impairment is probable.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
DEBT
DEBT	12. DEBT ​ Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ Description 2021 2020 Maturity Interest Rate ​ ​ (Dollars in millions) ​ ​ ​ ​ Long-term and other debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 revolving line of credit ​ $ — ​ $ — December 2022 (1) 2017 term loans ​ 1,459.0 ​ 1,484.3 December 2022 (2) BrandLoyalty credit agreement ​ — ​ — April 2024 (3) Senior notes due 2024 ​ ​ 850.0 ​ ​ 850.0 ​ December 2024 ​ 4.750% Senior notes due 2026 ​ ​ 500.0 ​ ​ 500.0 ​ January 2026 ​ 7.000% Total long-term and other debt ​ 2,809.0 ​ 2,834.3 ​ ​ ​ ​ Less: Unamortized debt issuance costs ​ ​ 26.1 ​ ​ 28.6 ​ ​ ​ ​ Less: Current portion ​ 101.4 ​ 101.4 ​ ​ ​ ​ Long-term portion ​ $ 2,681.5 ​ $ 2,704.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ 5,732.7 ​ $ 6,014.9 Various – Apr 2021 to Mar 2026 0.15% to 3.75% Money market deposits ​ 4,234.6 ​ 3,790.2 Non-maturity (4) Total deposits ​ 9,967.3 ​ 9,805.1 ​ ​ ​ ​ Less: Unamortized debt issuance costs ​ ​ 10.4 ​ ​ 12.5 ​ ​ ​ ​ Less: Current portion ​ 6,787.4 ​ 6,553.9 ​ ​ ​ ​ Long-term portion ​ $ 3,169.5 ​ $ 3,238.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-recourse borrowings of consolidated securitization entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate asset-backed term note securities ​ $ 2,898.9 ​ $ 3,423.8 Various – Jun 2021 to Sep 2022 2.03% to 3.95% Conduit asset-backed securities ​ 900.0 ​ 2,205.1 Various – Apr 2022 to Oct 2022 (5) Secured loan facility ​ ​ 52.2 ​ ​ 86.3 ​ November 2022 ​ (6) Total non-recourse borrowings of consolidated securitization entities ​ 3,851.1 ​ 5,715.2 ​ ​ ​ ​ Less: Unamortized debt issuance costs ​ ​ 5.3 ​ ​ 5.3 ​ ​ ​ ​ Less: Current portion ​ 1,862.6 ​ 1,850.7 ​ ​ ​ ​ Long-term portion ​ $ 1,983.2 ​ $ 3,859.2 ​ ​ ​ ​ (1) The interest rate is based upon LIBOR plus an applicable margin. (2) The interest rate is based upon LIBOR plus an applicable margin. The weighted average interest rate for the term loans was 1.86% and 1.90% at March 31, 2021 and December 31, 2020, respectively. (3) The interest rate is based upon the Euro Interbank Offered Rate plus an applicable margin. (4) The interest rates are based on the Federal Funds rate plus an applicable margin. At March 31, 2021, the interest rates ranged from 0.36% to 3.50% . At December 31, 2020, the interest rates ranged from 0.38% to 3.50% . (5) The interest rate is based upon LIBOR or the asset-backed commercial paper costs of each individual conduit provider plus an applicable margin. At March 31, 2021, the interest rates ranged from 1.35% to 1.87% . At December 31, 2020, the interest rates ranged from 1.39% to 1.89% . (6) The interest rate is based upon LIBOR plus an applicable margin. The weighted average interest rate for the secured loan facility was 3.90% at each of March 31, 2021 and December 31, 2020, respectively. ​ At March 31, 2021, the Company was in compliance with its financial covenants. Long-term and Other Debt Credit Agreement As of March 31, 2021, the Company had $1,459.0 million in term loans outstanding with $750.0 million total availability under the revolving line of credit. BrandLoyalty Credit Agreement In the first quarter of 2021, BrandLoyalty and certain of its subsidiaries, as borrowers and guarantors, amended its credit agreement to extend the maturity date by one year from April 3, 2023 to April 3, 2024. As of March 31, 2021, there were no amounts outstanding under the BrandLoyalty Credit Agreement. Non-Recourse Borrowings of Consolidated Securitization Entities Asset-Backed Term Notes In February 2021, $591.5 million of Series 2018-A asset-backed term notes, $66.5 million of which were retained by the Company and eliminated from the Company’s unaudited condensed consolidated balance sheets, matured and were repaid. As of March 31, 2021, the Company collected $294.4 million of principal payments made by its credit cardholders during the accumulation period for the repayment of the Series 2016-A notes, which mature June 15, 2021. The cash is restricted to the securitization investors and is reflected in other current assets in the Company’s unaudited condensed consolidated balance sheet as of March 31, 2021. Conduit Facilities The Company has access to committed undrawn capacity through three conduit facilities to support the funding of its credit card receivables for certain of its trusts. As of March 31, 2021, total capacity under the conduit facilities was $3.2 billion, of which $900.0 million had been drawn and was included in non-recourse borrowings of consolidated securitization entities in the unaudited condensed consolidated balance sheets.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	13. DERIVATIVE INSTRUMENTS The Company uses derivatives to manage risks associated with certain assets and liabilities arising from the potential adverse impact of fluctuations in foreign currency exchange rates. Certain derivatives used to manage the Company’s exposure to foreign currency exchange rate movements are not designated as hedges and do not qualify for hedge accounting. The fair value of the Company’s derivative instruments as of March 31, 2021 was $0.8 million included in other current assets and $1.2 million included in other current liabilities in the Company’s unaudited condensed consolidated balance sheets. The fair value of the Company’s derivative instruments as of December 31, 2020 was $0.4 million included in other current assets and $1.5 million included in other current liabilities in the Company’s unaudited condensed consolidated balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Regulatory Matters On September 10, 2019, Comenity Capital Bank submitted a bank merger application to the Federal Deposit Insurance Corporation (“FDIC”) seeking the FDIC’s approval to merge Comenity Bank with and into Comenity Capital Bank as the surviving bank entity. On the same date, Comenity Capital Bank and Comenity Bank each submitted counterpart bank merger applications to the Utah Department of Financial Institutions and the Delaware Office of the State Bank Commissioner, respectively, in connection with the proposed merger. On April 20, 2021, Comenity Capital Bank withdrew its bank merger application with the FDIC. On May 3, 2021, each of Comenity Capital Bank and Comenity Bank similarly withdrew their counterpart bank merger applications in Utah and Delaware, respectively. Indemnification ​ On July 1, 2019, the Company completed the sale of its Epsilon segment to Publicis Groupe S.A. (“Publicis”). Under the terms of the agreement governing that transaction, the Company agreed to indemnify Publicis and its affiliates from and against any losses arising out of or related to a United States Department of Justice (“DOJ”) investigation. The DOJ investigation related to third-party marketers who sent, or allegedly sent, deceptive mailings and the provision of data and services to those marketers by Epsilon’s data practice. Epsilon actively cooperated with the DOJ in connection with the investigation. On January 19, 2021, Epsilon entered into a deferred prosecution agreement (“DPA”) with the DOJ to resolve the matters that were the subject of the investigation. Pursuant to the DPA, Epsilon agreed, among other things, to pay penalties and consumer compensation in the aggregate amount of $150.0 million, to be paid in two equal installments, the first in January 2021 and the second in January 2022. In accordance with ASC 450, “Contingencies,” the Company records a loss contingency when a loss is probable and an amount can be reasonably estimated, and therefore as of December 31, 2020, a $150.0 million liability was recorded. The Company paid $75.0 million to Publicis pursuant to its contractual indemnification obligation in January 2021. As of March 31, 2021, the Company has $75.0 million included in accrued expenses in its unaudited condensed consolidated balance sheets.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	15. STOCKHOLDERS’ EQUITY Stock Compensation Expense During the three months ended March 31, 2021, the Company awarded 611,312 service-based restricted stock units with a weighted average grant date fair value per share of $86.89 as determined on the date of grant. Service-based restricted stock units typically vest ratably over three years provided that the participant is employed by the Company on each such vesting date. During the three months ended March 31, 2021, the Company awarded 95,762 performance-based restricted stock units with pre-defined vesting criteria that permit a range from 0% to 170% to be earned, subject to a market-based condition. The fair market value of these awards is $92.62 and was estimated utilizing Monte Carlo simulations of the Company’s stock price correlation, expected volatility and risk-free rate over a three-year time horizon matching the performance period. If the performance targets are met, the restrictions will lapse with respect to the entire award on February 16, 2024, provided that the participant is employed by the Company on the vesting date. Stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of income for the three months ended March 31, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 ​ ​ (in millions) Cost of operations ​ $ 4.0 ​ $ 2.7 General and administrative ​ 2.8 ​ 2.0 Total ​ $ 6.8 ​ $ 4.7 ​ Dividends On January 28, 2021, the Company’s board of directors declared a quarterly cash dividend of $0.21 per share on the Company’s common stock to stockholders of record at the close of business on February 12, 2021, resulting in a dividend payment of $10.4 million on March 18, 2021. Additionally, the Company paid $0.3 million in cash related to dividend equivalent rights for the three months ended March 31, 2021. On April 29, 2021, the Company’s board of directors declared a quarterly cash dividend of $0.21 per share on the Company’s common stock, payable on June 18, 2021 to stockholders of record at the close of business on May 14, 2021.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE LOSS.
ACCUMULATED OTHER COMPREHENSIVE LOSS	16. ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in each component of accumulated other comprehensive loss, net of tax effects, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Gains (Losses) ​ Currency ​ Other ​ Gains (Losses) on Cash on Net Translation Comprehensive Three Months Ended March 31, 2021 on Securities Flow Hedges Investment Hedge Adjustments (1) Loss ​ (in millions) Balance at December 31, 2020 $ 23.2 $ (0.7) $ (7.5) $ (20.0) $ (5.0) Changes in other comprehensive income (loss) ​ ​ (8.3) ​ ​ 0.9 ​ ​ — ​ ​ (29.9) ​ ​ (37.3) Balance at March 31, 2021 $ 14.9 $ 0.2 $ (7.5) $ (49.9) $ (42.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Gains (Losses) ​ Currency ​ Other ​ Gains (Losses) on Cash on Net Translation Comprehensive Three Months Ended March 31, 2020 on Securities Flow Hedges Investment Hedge Adjustments (1) Loss ​ (in millions) Balance at December 31, 2019 $ 2.5 $ (0.1) $ (7.5) $ (94.8) $ (99.9) Changes in other comprehensive income (loss) ​ ​ 1.6 ​ ​ 0.3 ​ ​ — ​ ​ (23.9) ​ ​ (22.0) Recognition resulting from the sale of Precima's foreign subsidiaries ​ ​ — ​ ​ — ​ ​ — ​ ​ 3.8 ​ ​ 3.8 Balance at March 31, 2020 $ 4.1 $ 0.2 $ (7.5) $ (114.9) $ (118.1) ​ (1) Primarily related to the impact of changes in the Canadian dollar and Euro foreign currency exchange rates. ​ In accordance with ASC 830, “Foreign Currency Matters,” upon the sale of Precima on January 10, 2020, $3.8 million of accumulated foreign currency translation adjustments attributable to Precima’s foreign subsidiaries sold were reclassified from accumulated other comprehensive loss and included in the calculation of the gain on sale of Precima. Other reclassifications from accumulated other comprehensive loss into net income for each of the periods presented were not material.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	17. FINANCIAL INSTRUMENTS ​ In accordance with ASC 825, “Financial Instruments,” the Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. To obtain fair values, observable market prices are used if available. In some instances, observable market prices are not readily available and fair value is determined using present value or other techniques appropriate for a particular financial instrument. These techniques involve judgment and as a result are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different assumptions or estimation techniques may have a material effect on the estimated fair value amounts. Fair Value of Financial Instruments — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value ​ ​ (in millions) Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit card and loan receivables, net ​ $ 13,693.3 ​ $ 15,977.1 ​ $ 14,776.4 ​ $ 17,301.2 Redemption settlement assets, restricted ​ 725.7 ​ 725.7 ​ 693.5 ​ 693.5 Other investments ​ 222.0 ​ 222.0 ​ 225.4 ​ 225.4 Derivative instruments ​ 0.8 ​ 0.8 ​ 0.4 ​ 0.4 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ ​ 1.2 ​ ​ 1.2 ​ ​ 1.5 ​ ​ 1.5 Deposits ​ 9,956.9 ​ 10,146.1 ​ 9,792.6 ​ 10,015.9 Non-recourse borrowings of consolidated securitization entities ​ 3,845.8 ​ 3,903.1 ​ 5,709.9 ​ 5,783.4 Long-term and other debt ​ 2,782.9 ​ 2,870.4 ​ 2,805.7 ​ 2,875.1 ​ The following techniques and assumptions were used by the Company in estimating fair values of financial instruments as disclosed herein: Credit card and loan receivables, net — . Redemption settlement assets, restricted — Other investments Deposits Non-recourse borrowings of consolidated securitization entities Long-term and other debt Derivative instruments Financial Assets and Financial Liabilities Fair Value Hierarchy ASC 820, “Fair Value Measurement,” establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: ● Level 1, defined as observable inputs such as quoted prices in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and ● Level 3, defined as unobservable inputs where little or no market data exists, therefore requiring an entity to develop its own assumptions. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. The use of different techniques to determine fair value of these financial instruments could result in different estimates of fair value at the reporting date. The following tables provide information for the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ March 31, 2021 Using ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Level 1 Level 2 Level 3 ​ ​ (in millions) Mutual funds (1) ​ $ 26.5 ​ $ 26.5 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 627.4 ​ ​ — ​ ​ 627.4 ​ ​ — Marketable securities (2) ​ ​ 222.0 ​ ​ 33.8 ​ ​ 188.2 ​ ​ — Derivative instruments (3) ​ ​ 0.8 ​ ​ — ​ ​ 0.8 ​ ​ — Total assets measured at fair value ​ $ 876.7 ​ $ 60.3 ​ $ 816.4 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1.2 ​ $ — ​ $ 1.2 ​ $ — Total liabilities measured at fair value ​ $ 1.2 ​ $ — ​ $ 1.2 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020 Using ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Level 1 Level 2 Level 3 ​ ​ (in millions) Mutual funds (1) ​ $ 26.9 ​ $ 26.9 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 611.2 ​ ​ — ​ ​ 611.2 ​ ​ — Marketable securities (2) ​ ​ 225.4 ​ ​ 34.2 ​ ​ 191.2 ​ ​ — Derivative instruments (3) ​ ​ 0.4 ​ ​ — ​ ​ 0.4 ​ ​ — Total assets measured at fair value ​ $ 863.9 ​ $ 61.1 ​ $ 802.8 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1.5 ​ $ — ​ $ 1.5 ​ $ — Total liabilities measured at fair value ​ $ 1.5 ​ $ — ​ $ 1.5 ​ $ — (1) Amounts are included in redemption settlement assets in the unaudited condensed consolidated balance sheets. (2) Amounts are included in other current assets and other non-current assets in the unaudited condensed consolidated balance sheets. (3) Amounts are included in other current assets and other current liabilities in the unaudited condensed consolidated balance sheets. ​ Financial Instruments Disclosed but Not Carried at Fair Value The following tables provide assets and liabilities disclosed but not carried at fair value as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ March 31, 2021 ​ Total Level 1 Level 2 Level 3 ​ ​ (in millions) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit card and loan receivables, net ​ $ 15,977.1 ​ $ — ​ $ — ​ $ 15,977.1 Total ​ $ 15,977.1 ​ $ — ​ $ — ​ $ 15,977.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ $ 10,146.1 ​ $ — ​ $ 10,146.1 ​ $ — Non-recourse borrowings of consolidated securitization entities ​ 3,903.1 ​ — ​ 3,903.1 ​ — Long-term and other debt ​ 2,870.4 ​ — ​ 2,870.4 ​ — Total ​ $ 16,919.6 ​ $ — ​ $ 16,919.6 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ December 31, 2020 ​ Total Level 1 Level 2 Level 3 ​ ​ (in millions) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit card and loan receivables, net ​ $ 17,301.2 ​ $ — ​ $ — ​ $ 17,301.2 Total ​ $ 17,301.2 ​ $ — ​ $ — ​ $ 17,301.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ $ 10,015.9 ​ $ — ​ $ 10,015.9 ​ $ — Non-recourse borrowings of consolidated securitization entities ​ 5,783.4 ​ — ​ 5,783.4 ​ — Long-term and other debt ​ 2,875.1 ​ — ​ 2,875.1 ​ — Total ​ $ 18,674.4 ​ $ — ​ $ 18,674.4 ​ $ — ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	18. INCOME TAXES For the three months ended March 31, 2021 and 2020, the Company utilized an effective tax rate of 27.4% and (18.1)%, respectively, to calculate its provision for income taxes. The negative effective tax rate in the first quarter of 2020 was primarily related to a discrete tax benefit and reduction of tax reserves following a favorable settlement with a state tax authority.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	19. SEGMENT INFORMATION Operating segments are defined by ASC 280, “Segment Reporting,” as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The operating segments are reviewed separately because each operating segment represents a strategic business unit that generally offers different products and services. The Company operates in the LoyaltyOne and Card Services reportable segments, which consist of the following: ● LoyaltyOne provides coalition and short-term loyalty programs through the Company’s Canadian AIR MILES Reward Program and BrandLoyalty; and ● Card Services provides private label, co-brand, general purpose and business credit card programs, digital payments, including Bread, and Comenity-branded financial services. Card Services provides risk management solutions, account origination, funding, transaction processing, customer care, collections and marketing services. Corporate and other consists of corporate overhead not allocated to either of the Company’s segments. ​ Effective with the first quarter of 2021, the Company changed its measure of segment operating profit from adjusted EBITDA and adjusted EBITDA, net to income before income taxes, as income before income taxes is now the primary performance metric utilized by the chief operating decision maker to allocate resources and assess performance of the segments. Income taxes are not allocated to the segments in the computation of segment operating profit for internal evaluation purposes. Segment operating results for the three months ended March 31, 2020 have been presented to align with the current year presentation. This change had no impact on previously reported financial information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2021 LoyaltyOne Card Services Other Total ​ ​ (in millions) Revenues ​ $ 176.6 ​ $ 908.3 ​ $ — ​ $ 1,084.9 Other operating expenses ​ ​ 135.9 ​ ​ 361.5 ​ ​ 17.0 ​ ​ 514.4 Provision for loan loss ​ ​ — ​ ​ 33.4 ​ ​ — ​ ​ 33.4 Depreciation and amortization ​ 9.0 ​ 24.4 ​ 0.6 ​ 34.0 Operating income (loss) ​ 31.7 ​ 489.0 ​ (17.6) ​ 503.1 Interest expense, net ​ ​ — ​ ​ 79.1 ​ ​ 29.6 ​ ​ 108.7 Income (loss) before income taxes ​ $ 31.7 ​ $ 409.9 ​ $ (47.2) ​ $ 394.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2020 LoyaltyOne Card Services Other Total ​ ​ (in millions) Revenues ​ $ 198.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,381.8 Other operating expenses ​ ​ 133.5 ​ ​ 365.7 ​ ​ 23.9 ​ ​ 523.1 Provision for loan loss ​ ​ — ​ ​ 655.9 ​ ​ — ​ ​ 655.9 Depreciation and amortization ​ 18.2 ​ ​ 19.7 ​ ​ 0.9 ​ ​ 38.8 Operating income (loss) ​ 46.4 ​ 142.3 ​ (24.7) ​ 164.0 Interest expense, net ​ (0.3) ​ ​ 110.2 ​ ​ 28.7 ​ ​ 138.6 Income (loss) before income taxes ​ $ 46.7 ​ $ 32.1 ​ $ (53.4) ​ $ 25.4 ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	20. SUPPLEMENTAL CASH FLOW INFORMATION The following table provides a reconciliation of cash and cash equivalents to the total of the amounts reported in the unaudited condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ March 31, ​ ​ 2021 ​ 2020 ​ ​ (in millions) Cash and cash equivalents ​ $ 2,858.6 ​ $ 4,456.8 Restricted cash included within other current assets (1) ​ ​ 316.5 ​ ​ 253.2 Restricted cash included within redemption settlement assets, restricted (2) ​ ​ 71.8 ​ ​ 55.9 Total cash, cash equivalents and restricted cash ​ $ 3,246.9 ​ $ 4,765.9 (1) Includes cash restricted for principal and interest repayments of non-recourse borrowings of consolidated securitized debt and other restricted cash within other current assets. At March 31, 2021, restricted cash included $294.4 million in principal accumulation for the repayment of non-recourse borrowings of consolidated securitized debt maturing in June 2021. At March 31, 2020, restricted cash included $225.3 million in principal accumulation for the repayment of non-recourse borrowings of consolidated securitized debt that matured in May 2020. (2) See Note 9, “Redemption Settlement Assets,” for additional information regarding the nature of restrictions on redemption settlement assets.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Alliance Data Systems Corporation (“ADSC” or, including its consolidated subsidiaries and variable interest entities (“VIEs”), the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets; (2) liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and (3) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. This ASU is elective and is effective upon issuance for all entities. The Company is evaluating the impact that adoption of ASU 2020-04 will have on its consolidated financial statements. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” ASU 2019-12 eliminated certain exceptions within Accounting Standards Codification (“ASC”) 740, “Income Taxes,” and clarified certain aspects of ASC 740 to promote consistency among reporting entities. Most amendments within the standard were required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company’s adoption of this standard on January 1, 2021 did not have a material impact on its consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2021
REVENUE
Schedule of disaggregation of revenue by major source and geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2021 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 66.8 ​ $ — ​ $ — ​ $ 66.8 Short-term loyalty programs ​ 106.3 ​ — ​ — ​ 106.3 Servicing fees, net ​ — ​ (32.3) ​ — ​ (32.3) Revenue from contracts with customers ​ $ 173.1 ​ $ (32.3) ​ $ — ​ $ 140.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance charges, net ​ — ​ 940.6 ​ — ​ 940.6 Investment income ​ 3.5 ​ — ​ — ​ 3.5 Total ​ $ 176.6 ​ $ 908.3 ​ $ — ​ $ 1,084.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2020 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Major Source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coalition loyalty program ​ $ 71.3 ​ $ — ​ $ — ​ $ 71.3 Short-term loyalty programs ​ 120.3 ​ — ​ — ​ 120.3 Servicing fees, net ​ — ​ (30.7) ​ — ​ (30.7) Other ​ 3.3 ​ — ​ 0.1 ​ 3.4 Revenue from contracts with customers ​ $ 194.9 ​ $ (30.7) ​ $ 0.1 ​ $ 164.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance charges, net ​ — ​ 1,214.3 ​ — ​ 1,214.3 Investment income ​ 3.2 ​ — ​ — ​ 3.2 Total ​ $ 198.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,381.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2021 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 1.0 ​ $ 908.2 ​ $ — ​ $ 909.2 Canada ​ 79.9 ​ 0.1 ​ — ​ 80.0 Europe, Middle East and Africa ​ 79.4 ​ — ​ — ​ 79.4 Asia Pacific ​ 14.9 ​ — ​ — ​ 14.9 Other ​ 1.4 ​ — ​ — ​ 1.4 Total ​ $ 176.6 ​ $ 908.3 ​ $ — ​ $ 1,084.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2020 LoyaltyOne Card Services Other Total ​ ​ (in millions) Disaggregation of Revenue by Geographic Region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 2.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,185.8 Canada ​ 79.1 ​ — ​ — ​ 79.1 Europe, Middle East and Africa ​ 68.6 ​ — ​ — ​ 68.6 Asia Pacific ​ 37.0 ​ — ​ — ​ 37.0 Other ​ 11.3 ​ — ​ — ​ 11.3 Total ​ $ 198.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,381.8
Schedule of reconciliation of contract liabilities for the AIR MILES Reward Program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Revenue ​ Service Redemption Total ​ ​ (in millions) Balance at January 1, 2021 ​ $ 247.2 ​ $ 756.8 ​ $ 1,004.0 Cash proceeds ​ 40.6 ​ 65.9 ​ 106.5 Revenue recognized (1) ​ (49.9) ​ (52.2) ​ (102.1) Other ​ — ​ 0.3 ​ 0.3 Effects of foreign currency translation ​ 3.3 ​ 10.6 ​ 13.9 Balance at March 31, 2021 ​ $ 241.2 ​ $ 781.4 ​ $ 1,022.6 Amounts recognized in the consolidated balance sheets: ​ ​ ​ Deferred revenue (current) ​ $ 139.0 ​ $ 781.4 ​ $ 920.4 Deferred revenue (non-current) ​ $ 102.2 ​ $ — ​ $ 102.2 (1) Reported on a gross basis herein. ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
EARNINGS PER SHARE
Schedule of computation of basic and diluted net income per share	The following table sets forth the computation of basic and diluted net income per share of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 ​ ​ (in millions, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 286.2 ​ $ 30.0 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average shares, basic ​ 49.7 ​ 47.6 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ ​ Net effect of dilutive unvested restricted stock (1) ​ 0.1 ​ 0.1 Denominator for diluted calculation ​ 49.8 ​ 47.7 ​ ​ ​ ​ ​ ​ ​ Basic net income per share: ​ $ 5.76 ​ $ 0.63 Diluted net income per share: ​ $ 5.74 ​ $ 0.63 (1) For the three months ended March 31, 2021 and 2020, 0.2 million and 0.3 million of restricted stock units, respectively, were excluded from the calculation of weighted average dilutive common shares as the effect would have been anti-dilutive.

ACQUISITION (Tables)

ACQUISITION (Tables)	3 Months Ended
	Mar. 31, 2021
ACQUISITION
Summary of the fair values of the assets acquired and liabilities assumed	​ ​ ​ ​ ​ As of ​ ​ (in millions) Installment loan receivables ​ $ 111.7 Accounts receivable ​ ​ 0.2 Other current assets ​ ​ 0.6 Property and equipment ​ ​ 0.3 Developed technology ​ ​ 90.7 Right of use assets - operating ​ ​ 3.6 Deferred tax asset, net ​ ​ 7.0 Intangible assets ​ ​ 11.3 Goodwill ​ ​ 369.6 Total assets acquired ​ 595.0 ​ ​ ​ ​ Accounts payable ​ 2.0 Accrued expenses ​ 2.9 Operating lease liabilities ​ 3.5 Non-recourse borrowings of consolidated securitization entities ​ 95.6 Total liabilities assumed ​ 104.0 ​ ​ ​ ​ Net assets acquired, net of cash and restricted cash ​ $ 491.0

DISPOSITION (Tables)

DISPOSITION (Tables)	3 Months Ended
	Mar. 31, 2021
DISPOSITION
Schedule of information related to disposition of business	​ ​ ​ ​ ​ ​ January 10, ​ 2020 ​ ​ (in millions) Total consideration (1) ​ $ 43.8 Net carrying value of assets and liabilities (including other comprehensive income) ​ 26.8 Allocation of goodwill ​ 3.2 Strategic transaction costs ​ 5.8 Pre-tax gain on sale of business, net of strategic transaction costs ​ $ 8.0 (1) Consideration as defined included cash associated with the sold Precima entities, which was $10.8 million .

CREDIT CARD AND LOAN RECEIVAB_2

CREDIT CARD AND LOAN RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2021
CREDIT CARD AND LOAN RECEIVABLES
Schedule of components of total credit card and loan receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2021 2020 ​ ​ (in millions) Credit card receivables ​ $ 15,142.0 ​ $ 16,376.4 Installment loan receivables ​ ​ 131.0 ​ ​ 118.0 Other ​ 263.6 ​ 290.0 Total credit card and loan receivables ​ 15,536.6 ​ 16,784.4 Less: Credit card and loan receivables – restricted for securitization investors ​ 10,221.3 ​ 11,208.5 Other credit card and loan receivables ​ $ 5,315.3 ​ $ 5,575.9
Schedule of Company's group similar risk characteristics and estimated life	​ ​ ​ ​ ​ ​ ​ Estimated Life ​ ​ (in months) Group A (Current, risk score - high) ​ ​ 14 Group B (Current, risk score - low) ​ ​ 19 Group C (Delinquent, risk score - high) ​ ​ 17 Group D (Delinquent, risk score - low) ​ ​ 26
Schedule of Company's allowance for loan loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 (1) 2020 ​ ​ (in millions) Balance at beginning of period ​ $ 2,008.0 ​ $ 1,171.1 Adoption of ASC 326 (2) ​ ​ — ​ ​ 644.0 Provision for loan loss ​ 33.4 ​ 655.9 Recoveries ​ 50.9 ​ 67.9 Principal charge-offs ​ (249.0) ​ (388.1) Balance at end of period ​ $ 1,843.3 ​ $ 2,150.8 (1) With the acquisition of Bread in December 2020, the Company acquired certain installment loans which represented a separate portfolio segment. As the amount of the allowance for loan loss was immaterial, the amounts were included in the above table. (2) Recorded January 1, 2020 through a cumulative-effect adjustment to retained earnings, net of taxes.
Schedule of aging analysis of total credit card and loan receivables at amortized cost basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aging Analysis of Delinquent Amortized Cost (1) ​ ​ ​ ​ ​ ​ ​ 31 to 60 days 61 to 90 days 91 or more days delinquent Total Current Total ​ ​ (in millions) As of March 31, 2021 $ 193.5 ​ $ 149.3 ​ $ 384.8 ​ $ 727.6 ​ $ 14,545.4 ​ $ 15,273.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 $ 272.5 ​ $ 203.3 ​ $ 439.8 ​ $ 915.6 ​ $ 15,578.8 ​ $ 16,494.4 (1) As the amount of the installment loans and associated delinquencies were immaterial, the amounts were included in the above table for both the period ended March 31, 2021 and December 31, 2020.
Schedule of information on credit card and loan receivables that are considered troubled debt restructurings, which entered into a modification program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 ​ ​ ​ ​ Pre-modification ​ Post-modification ​ ​ ​ Pre-modification ​ Post-modification ​ ​ Number of ​ Outstanding ​ Outstanding ​ Number of ​ Outstanding ​ Outstanding ​ Restructurings Balance Balance Restructurings Balance Balance ​ ​ (Dollars in millions) Troubled debt restructurings – credit card receivables ​ 63,628 $ 93.2 $ 93.0 ​ 75,065 $ 112.8 $ 112.7 The table below summarizes troubled debt restructurings that have defaulted in the specified periods where the default occurred within 12 months of their modification date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 ​ ​ Number of ​ Outstanding Number of ​ Outstanding ​ Restructurings Balance Restructurings Balance ​ ​ (Dollars in millions) Troubled debt restructurings that subsequently defaulted – credit card receivables 51,009 ​ $ 67.0 ​ 31,670 ​ $ 44.0 ​
Schedule of composition of obligor credit quality	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost Revolving Credit Card Receivables ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 ​ ​ ​ ​ Percentage of ​ ​ Percentage of ​ ​ ​ ​ Amortized ​ ​ ​ ​ Amortized Probability of an Account Becoming 91 or More Days Past ​ Amortized ​ Cost Basis ​ ​ Amortized ​ Cost Basis Due or Becoming Charged-off (within the next 12 months) Cost Basis Outstanding Cost Basis Outstanding ​ ​ (in millions, except percentages) ​ No Score ​ $ 182.4 1.2 % $ 204.1 1.2 % 27.1% and higher ​ 1,208.3 8.0 ​ 1,390.4 8.5 ​ 17.1% - 27.0% ​ 780.6 5.2 ​ 848.8 5.2 ​ 12.6% - 17.0% ​ 841.1 5.6 ​ 937.0 5.7 ​ 3.7% - 12.5% ​ 6,633.1 43.8 ​ 7,305.5 44.6 ​ 1.9% - 3.6% ​ 2,633.0 17.4 ​ 2,939.5 17.9 ​ Lower than 1.9% ​ 2,863.5 18.8 ​ 2,751.1 16.9 ​ Total ​ $ 15,142.0 100.0 % $ 16,376.4 100.0 %
Schedule of securitized credit card receivables, delinquencies and net charge-offs	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2021 2020 ​ ​ (in millions) Total credit card and loan receivables – restricted for securitization investors ​ $ 10,221.3 ​ $ 11,208.5 Principal amount of credit card and loan receivables – restricted for securitization investors, 91 days or more past due ​ $ 174.7 ​ $ 200.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 ​ ​ (in millions) Net charge-offs of securitized principal ​ $ 131.1 ​ $ 239.5

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
OTHER INVESTMENTS
Schedule of principal components of other investments, which are carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ Amortized Unrealized Unrealized ​ ​ Amortized Unrealized Unrealized ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in millions) Marketable securities ​ $ 218.2 ​ $ 5.5 ​ $ (1.7) ​ $ 222.0 ​ $ 219.0 ​ $ 6.4 ​ $ — ​ $ 225.4 Total ​ $ 218.2 ​ $ 5.5 ​ $ (1.7) ​ $ 222.0 ​ $ 219.0 ​ $ 6.4 ​ $ — ​ $ 225.4
Schedule of unrealized losses and fair value for investments that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ Unrealized ​ ​ Unrealized ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Fair Value Losses ​ ​ (in millions) Marketable securities ​ $ 41.7 ​ $ (1.7) ​ $ — ​ $ — ​ $ 41.7 ​ $ (1.7) Total ​ $ 41.7 ​ $ (1.7) ​ $ — ​ $ — ​ $ 41.7 ​ $ (1.7)
Schedule of securities by contractual maturity date	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ Cost Fair Value ​ ​ (in millions) Due in one year or less (1) ​ $ 45.7 ​ $ 45.7 Due after one year through five years ​ ​ 0.7 ​ ​ 0.7 Due after five years through ten years ​ — ​ — Due after ten years ​ 171.8 ​ 175.6 Total ​ $ 218.2 ​ $ 222.0 (1) Includes mutual funds, which do not have a stated maturity.

REDEMPTION SETTLEMENT ASSETS (T

REDEMPTION SETTLEMENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
REDEMPTION SETTLEMENT ASSETS
Schedule of redemption settlement assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ ​ ​ Cost Gains Losses Fair Value Cost Gains Losses Fair Value ​ ​ (in millions) Restricted cash $ 71.8 $ — $ — $ 71.8 $ 55.4 $ — $ — $ 55.4 Mutual funds ​ ​ 26.5 ​ ​ — ​ ​ — ​ ​ 26.5 ​ ​ 26.9 ​ ​ — ​ ​ — ​ ​ 26.9 Corporate bonds ​ ​ 614.9 ​ ​ 14.6 ​ ​ (2.1) ​ ​ 627.4 ​ ​ 592.3 ​ ​ 19.1 ​ ​ (0.2) ​ ​ 611.2 Total $ 713.2 $ 14.6 $ (2.1) $ 725.7 $ 674.6 $ 19.1 $ (0.2) $ 693.5
Schedule of unrealized losses and fair value for investments that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Fair Value Losses ​ ​ (in millions) Corporate bonds ​ $ 124.5 ​ $ (2.0) ​ $ 10.5 ​ $ (0.1) ​ $ 135.0 ​ $ (2.1) Total $ 124.5 $ (2.0) $ 10.5 $ (0.1) $ 135.0 $ (2.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 months ​ 12 Months or Greater ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Fair Value Losses ​ ​ (in millions) Corporate bonds ​ $ 46.2 ​ $ (0.1) ​ $ 10.3 ​ $ (0.1) ​ $ 56.5 $ (0.2) Total ​ $ 46.2 ​ $ (0.1) ​ $ 10.3 ​ $ (0.1) ​ $ 56.5 ​ $ (0.2)
Schedule of redemption settlement assets by contractual maturity date	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Estimated ​ Cost Fair Value ​ ​ (in millions) Due in one year or less (1) ​ $ 139.9 ​ $ 140.6 Due after one year through five years ​ 469.7 ​ 482.2 Due after five year through ten years ​ ​ 31.8 ​ ​ 31.1 Total ​ $ 641.4 ​ $ 653.9

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
LEASES
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 ​ 2020 ​ ​ (in millions) Operating lease cost $ 11.1 ​ $ 10.2 Short-term lease cost ​ ​ 0.2 ​ ​ 0.3 Variable lease cost ​ ​ 1.6 ​ ​ 0.2 Total ​ $ 12.9 ​ $ 10.7 ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ March 31, ​ 2021 ​ 2020 Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 10.7 ​ ​ 11.3 Weighted-average discount rate: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 5.3% ​ ​ 5.2% ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 ​ 2020 ​ ​ (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases ​ $ 14.3 ​ $ 14.4 Right of use assets obtained in exchange for lease obligations: Operating leases ​ $ 1.7 ​ $ 2.6
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ ​ ​ Operating Year ​ Leases ​ (in millions) 2021 (excluding the three months ended March 31, 2021) ​ $ 27.0 2022 ​ 39.9 2023 ​ 37.0 2024 ​ 34.7 2025 ​ 33.8 Thereafter ​ 206.7 Total undiscounted lease liabilities ​ ​ 379.1 Less: Amount representing interest ​ ​ (93.9) Total present value of minimum lease payments ​ $ 285.2 ​ ​ ​ ​ Amounts recognized in the March 31, 2021 consolidated balance sheet: ​ ​ ​ Current operating lease liabilities ​ $ 22.7 Long-term operating lease liabilities ​ ​ 262.5 Total ​ $ 285.2

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	3 Months Ended
	Mar. 31, 2021
INTANGIBLE ASSETS AND GOODWILL
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ Gross Accumulated ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in millions) ​ ​ Definite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer contracts and lists ​ $ 348.9 ​ $ (341.1) ​ $ 7.8 3 years—straight line Premium on purchased credit card portfolios ​ 137.2 ​ ​ (78.1) ​ 59.1 3-13 years—straight line Collector database ​ 55.7 ​ ​ (55.3) ​ 0.4 5 years—straight line Tradenames ​ 33.6 ​ ​ (29.2) ​ 4.4 4-15 years—straight line Non-compete agreements ​ 2.2 ​ ​ (0.2) ​ ​ 2.0 5 years—straight line ​ ​ $ 577.6 ​ $ (503.9) ​ $ 73.7 ​ ​ Indefinite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 1.2 ​ ​ — ​ 1.2 Indefinite life Total intangible assets ​ $ 578.8 ​ $ (503.9) ​ $ 74.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Gross Accumulated ​ ​ ​ ​ Assets Amortization Net Amortization Life and Method ​ ​ (in millions) ​ ​ Definite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer contracts and lists ​ $ 363.0 ​ $ (354.5) ​ $ 8.5 3-7 years—straight line Premium on purchased credit card portfolios ​ 137.2 ​ ​ (72.8) ​ 64.4 3-13 years—straight line Collector database ​ 55.0 ​ ​ (54.5) ​ 0.5 5 years—straight line Tradenames ​ 35.0 ​ ​ (30.1) ​ 4.9 4-15 years—straight line Non-compete agreements ​ 2.2 ​ ​ — ​ ​ 2.2 5 years—straight line ​ ​ $ 592.4 ​ $ (511.9) ​ $ 80.5 ​ ​ Indefinite-Lived Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 1.2 ​ — ​ 1.2 Indefinite life Total intangible assets ​ $ 593.6 ​ $ (511.9) ​ $ 81.7 ​ ​
Schedule of estimated amortization expense related to intangible assets	​ ​ ​ ​ ​ ​ For the Years Ending ​ December 31, ​ ​ (in millions) 2021 (excluding the three months ended March 31, 2021) ​ $ 19.2 2022 ​ 21.0 2023 ​ 16.1 2024 ​ 11.2 2025 ​ 2.4 Thereafter ​ 3.8
Schedule of changes in carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LoyaltyOne Card Services Total ​ ​ (in millions) Balance at January 1, 2021 ​ $ 736.0 ​ $ 633.6 ​ $ 1,369.6 ​ Effects of foreign currency translation ​ (18.5) ​ — ​ (18.5) ​ Balance at March 31, 2021 ​ $ 717.5 ​ $ 633.6 ​ $ 1,351.1 ​

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ Description 2021 2020 Maturity Interest Rate ​ ​ (Dollars in millions) ​ ​ ​ ​ Long-term and other debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 revolving line of credit ​ $ — ​ $ — December 2022 (1) 2017 term loans ​ 1,459.0 ​ 1,484.3 December 2022 (2) BrandLoyalty credit agreement ​ — ​ — April 2024 (3) Senior notes due 2024 ​ ​ 850.0 ​ ​ 850.0 ​ December 2024 ​ 4.750% Senior notes due 2026 ​ ​ 500.0 ​ ​ 500.0 ​ January 2026 ​ 7.000% Total long-term and other debt ​ 2,809.0 ​ 2,834.3 ​ ​ ​ ​ Less: Unamortized debt issuance costs ​ ​ 26.1 ​ ​ 28.6 ​ ​ ​ ​ Less: Current portion ​ 101.4 ​ 101.4 ​ ​ ​ ​ Long-term portion ​ $ 2,681.5 ​ $ 2,704.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ $ 5,732.7 ​ $ 6,014.9 Various – Apr 2021 to Mar 2026 0.15% to 3.75% Money market deposits ​ 4,234.6 ​ 3,790.2 Non-maturity (4) Total deposits ​ 9,967.3 ​ 9,805.1 ​ ​ ​ ​ Less: Unamortized debt issuance costs ​ ​ 10.4 ​ ​ 12.5 ​ ​ ​ ​ Less: Current portion ​ 6,787.4 ​ 6,553.9 ​ ​ ​ ​ Long-term portion ​ $ 3,169.5 ​ $ 3,238.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-recourse borrowings of consolidated securitization entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate asset-backed term note securities ​ $ 2,898.9 ​ $ 3,423.8 Various – Jun 2021 to Sep 2022 2.03% to 3.95% Conduit asset-backed securities ​ 900.0 ​ 2,205.1 Various – Apr 2022 to Oct 2022 (5) Secured loan facility ​ ​ 52.2 ​ ​ 86.3 ​ November 2022 ​ (6) Total non-recourse borrowings of consolidated securitization entities ​ 3,851.1 ​ 5,715.2 ​ ​ ​ ​ Less: Unamortized debt issuance costs ​ ​ 5.3 ​ ​ 5.3 ​ ​ ​ ​ Less: Current portion ​ 1,862.6 ​ 1,850.7 ​ ​ ​ ​ Long-term portion ​ $ 1,983.2 ​ $ 3,859.2 ​ ​ ​ ​ (1) The interest rate is based upon LIBOR plus an applicable margin. (2) The interest rate is based upon LIBOR plus an applicable margin. The weighted average interest rate for the term loans was 1.86% and 1.90% at March 31, 2021 and December 31, 2020, respectively. (3) The interest rate is based upon the Euro Interbank Offered Rate plus an applicable margin. (4) The interest rates are based on the Federal Funds rate plus an applicable margin. At March 31, 2021, the interest rates ranged from 0.36% to 3.50% . At December 31, 2020, the interest rates ranged from 0.38% to 3.50% . (5) The interest rate is based upon LIBOR or the asset-backed commercial paper costs of each individual conduit provider plus an applicable margin. At March 31, 2021, the interest rates ranged from 1.35% to 1.87% . At December 31, 2020, the interest rates ranged from 1.39% to 1.89% . (6) The interest rate is based upon LIBOR plus an applicable margin. The weighted average interest rate for the secured loan facility was 3.90% at each of March 31, 2021 and December 31, 2020, respectively.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2021
STOCKHOLDERS' EQUITY
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 ​ ​ (in millions) Cost of operations ​ $ 4.0 ​ $ 2.7 General and administrative ​ 2.8 ​ 2.0 Total ​ $ 6.8 ​ $ 4.7

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE LOSS.
Schedule of changes in each component of accumulated comprehensive income (loss), net of tax effects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Gains (Losses) ​ Currency ​ Other ​ Gains (Losses) on Cash on Net Translation Comprehensive Three Months Ended March 31, 2021 on Securities Flow Hedges Investment Hedge Adjustments (1) Loss ​ (in millions) Balance at December 31, 2020 $ 23.2 $ (0.7) $ (7.5) $ (20.0) $ (5.0) Changes in other comprehensive income (loss) ​ ​ (8.3) ​ ​ 0.9 ​ ​ — ​ ​ (29.9) ​ ​ (37.3) Balance at March 31, 2021 $ 14.9 $ 0.2 $ (7.5) $ (49.9) $ (42.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net ​ Net Unrealized ​ Net Unrealized ​ Foreign ​ Accumulated ​ ​ Unrealized ​ Gains (Losses) ​ Gains (Losses) ​ Currency ​ Other ​ Gains (Losses) on Cash on Net Translation Comprehensive Three Months Ended March 31, 2020 on Securities Flow Hedges Investment Hedge Adjustments (1) Loss ​ (in millions) Balance at December 31, 2019 $ 2.5 $ (0.1) $ (7.5) $ (94.8) $ (99.9) Changes in other comprehensive income (loss) ​ ​ 1.6 ​ ​ 0.3 ​ ​ — ​ ​ (23.9) ​ ​ (22.0) Recognition resulting from the sale of Precima's foreign subsidiaries ​ ​ — ​ ​ — ​ ​ — ​ ​ 3.8 ​ ​ 3.8 Balance at March 31, 2020 $ 4.1 $ 0.2 $ (7.5) $ (114.9) $ (118.1) ​ (1) Primarily related to the impact of changes in the Canadian dollar and Euro foreign currency exchange rates.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
FINANCIAL INSTRUMENTS
Schedule of estimated fair value of Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value ​ ​ (in millions) Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit card and loan receivables, net ​ $ 13,693.3 ​ $ 15,977.1 ​ $ 14,776.4 ​ $ 17,301.2 Redemption settlement assets, restricted ​ 725.7 ​ 725.7 ​ 693.5 ​ 693.5 Other investments ​ 222.0 ​ 222.0 ​ 225.4 ​ 225.4 Derivative instruments ​ 0.8 ​ 0.8 ​ 0.4 ​ 0.4 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ ​ 1.2 ​ ​ 1.2 ​ ​ 1.5 ​ ​ 1.5 Deposits ​ 9,956.9 ​ 10,146.1 ​ 9,792.6 ​ 10,015.9 Non-recourse borrowings of consolidated securitization entities ​ 3,845.8 ​ 3,903.1 ​ 5,709.9 ​ 5,783.4 Long-term and other debt ​ 2,782.9 ​ 2,870.4 ​ 2,805.7 ​ 2,875.1
Schedule of assets and liabilities carried at fair value measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ March 31, 2021 Using ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Level 1 Level 2 Level 3 ​ ​ (in millions) Mutual funds (1) ​ $ 26.5 ​ $ 26.5 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 627.4 ​ ​ — ​ ​ 627.4 ​ ​ — Marketable securities (2) ​ ​ 222.0 ​ ​ 33.8 ​ ​ 188.2 ​ ​ — Derivative instruments (3) ​ ​ 0.8 ​ ​ — ​ ​ 0.8 ​ ​ — Total assets measured at fair value ​ $ 876.7 ​ $ 60.3 ​ $ 816.4 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1.2 ​ $ — ​ $ 1.2 ​ $ — Total liabilities measured at fair value ​ $ 1.2 ​ $ — ​ $ 1.2 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020 Using ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Level 1 Level 2 Level 3 ​ ​ (in millions) Mutual funds (1) ​ $ 26.9 ​ $ 26.9 ​ $ — ​ $ — Corporate bonds (1) ​ ​ 611.2 ​ ​ — ​ ​ 611.2 ​ ​ — Marketable securities (2) ​ ​ 225.4 ​ ​ 34.2 ​ ​ 191.2 ​ ​ — Derivative instruments (3) ​ ​ 0.4 ​ ​ — ​ ​ 0.4 ​ ​ — Total assets measured at fair value ​ $ 863.9 ​ $ 61.1 ​ $ 802.8 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments (3) ​ $ 1.5 ​ $ — ​ $ 1.5 ​ $ — Total liabilities measured at fair value ​ $ 1.5 ​ $ — ​ $ 1.5 ​ $ — (1) Amounts are included in redemption settlement assets in the unaudited condensed consolidated balance sheets. (2) Amounts are included in other current assets and other non-current assets in the unaudited condensed consolidated balance sheets. (3) Amounts are included in other current assets and other current liabilities in the unaudited condensed consolidated balance sheets. ​
Schedule of assets and liabilities disclosed but not carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ March 31, 2021 ​ Total Level 1 Level 2 Level 3 ​ ​ (in millions) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit card and loan receivables, net ​ $ 15,977.1 ​ $ — ​ $ — ​ $ 15,977.1 Total ​ $ 15,977.1 ​ $ — ​ $ — ​ $ 15,977.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ $ 10,146.1 ​ $ — ​ $ 10,146.1 ​ $ — Non-recourse borrowings of consolidated securitization entities ​ 3,903.1 ​ — ​ 3,903.1 ​ — Long-term and other debt ​ 2,870.4 ​ — ​ 2,870.4 ​ — Total ​ $ 16,919.6 ​ $ — ​ $ 16,919.6 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ December 31, 2020 ​ Total Level 1 Level 2 Level 3 ​ ​ (in millions) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit card and loan receivables, net ​ $ 17,301.2 ​ $ — ​ $ — ​ $ 17,301.2 Total ​ $ 17,301.2 ​ $ — ​ $ — ​ $ 17,301.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ $ 10,015.9 ​ $ — ​ $ 10,015.9 ​ $ — Non-recourse borrowings of consolidated securitization entities ​ 5,783.4 ​ — ​ 5,783.4 ​ — Long-term and other debt ​ 2,875.1 ​ — ​ 2,875.1 ​ — Total ​ $ 18,674.4 ​ $ — ​ $ 18,674.4 ​ $ —

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
SEGMENT INFORMATION
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2021 LoyaltyOne Card Services Other Total ​ ​ (in millions) Revenues ​ $ 176.6 ​ $ 908.3 ​ $ — ​ $ 1,084.9 Other operating expenses ​ ​ 135.9 ​ ​ 361.5 ​ ​ 17.0 ​ ​ 514.4 Provision for loan loss ​ ​ — ​ ​ 33.4 ​ ​ — ​ ​ 33.4 Depreciation and amortization ​ 9.0 ​ 24.4 ​ 0.6 ​ 34.0 Operating income (loss) ​ 31.7 ​ 489.0 ​ (17.6) ​ 503.1 Interest expense, net ​ ​ — ​ ​ 79.1 ​ ​ 29.6 ​ ​ 108.7 Income (loss) before income taxes ​ $ 31.7 ​ $ 409.9 ​ $ (47.2) ​ $ 394.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate/ ​ ​ ​ Three Months Ended March 31, 2020 LoyaltyOne Card Services Other Total ​ ​ (in millions) Revenues ​ $ 198.1 ​ $ 1,183.6 ​ $ 0.1 ​ $ 1,381.8 Other operating expenses ​ ​ 133.5 ​ ​ 365.7 ​ ​ 23.9 ​ ​ 523.1 Provision for loan loss ​ ​ — ​ ​ 655.9 ​ ​ — ​ ​ 655.9 Depreciation and amortization ​ 18.2 ​ ​ 19.7 ​ ​ 0.9 ​ ​ 38.8 Operating income (loss) ​ 46.4 ​ 142.3 ​ (24.7) ​ 164.0 Interest expense, net ​ (0.3) ​ ​ 110.2 ​ ​ 28.7 ​ ​ 138.6 Income (loss) before income taxes ​ $ 46.7 ​ $ 32.1 ​ $ (53.4) ​ $ 25.4

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of reconciliation of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ March 31, ​ ​ 2021 ​ 2020 ​ ​ (in millions) Cash and cash equivalents ​ $ 2,858.6 ​ $ 4,456.8 Restricted cash included within other current assets (1) ​ ​ 316.5 ​ ​ 253.2 Restricted cash included within redemption settlement assets, restricted (2) ​ ​ 71.8 ​ ​ 55.9 Total cash, cash equivalents and restricted cash ​ $ 3,246.9 ​ $ 4,765.9 (1) Includes cash restricted for principal and interest repayments of non-recourse borrowings of consolidated securitized debt and other restricted cash within other current assets. At March 31, 2021, restricted cash included $294.4 million in principal accumulation for the repayment of non-recourse borrowings of consolidated securitized debt maturing in June 2021. At March 31, 2020, restricted cash included $225.3 million in principal accumulation for the repayment of non-recourse borrowings of consolidated securitized debt that matured in May 2020. (2) See Note 9, “Redemption Settlement Assets,” for additional information regarding the nature of restrictions on redemption settlement assets.

REVENUE (Details)

REVENUE (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)
Disaggregation of revenue
Number of segments | item	2
Revenue from contracts with customers	$ 140.8	$ 164.3
Finance charges, net	940.6	1,214.3
Investment income	3.5	3.2
Total revenue	1,084.9	1,381.8
Coalition loyalty program
Disaggregation of revenue
Revenue from contracts with customers	66.8	71.3
Short-term loyalty programs
Disaggregation of revenue
Revenue from contracts with customers	106.3	120.3
Servicing fees, net
Disaggregation of revenue
Revenue from contracts with customers	(32.3)	(30.7)
Other
Disaggregation of revenue
Revenue from contracts with customers		3.4
United States
Disaggregation of revenue
Total revenue	909.2	1,185.8
Canada
Disaggregation of revenue
Total revenue	80	79.1
Europe, Middle East and Africa
Disaggregation of revenue
Total revenue	79.4	68.6
Asia Pacific
Disaggregation of revenue
Total revenue	14.9	37
Other
Disaggregation of revenue
Total revenue	1.4	11.3
Operating segment | LoyaltyOne
Disaggregation of revenue
Revenue from contracts with customers	173.1	194.9
Investment income	3.5	3.2
Total revenue	176.6	198.1
Operating segment | LoyaltyOne | Coalition loyalty program
Disaggregation of revenue
Revenue from contracts with customers	66.8	71.3
Operating segment | LoyaltyOne | Short-term loyalty programs
Disaggregation of revenue
Revenue from contracts with customers	106.3	120.3
Operating segment | LoyaltyOne | Other
Disaggregation of revenue
Revenue from contracts with customers		3.3
Operating segment | LoyaltyOne | United States
Disaggregation of revenue
Total revenue	1	2.1
Operating segment | LoyaltyOne | Canada
Disaggregation of revenue
Total revenue	79.9	79.1
Operating segment | LoyaltyOne | Europe, Middle East and Africa
Disaggregation of revenue
Total revenue	79.4	68.6
Operating segment | LoyaltyOne | Asia Pacific
Disaggregation of revenue
Total revenue	14.9	37
Operating segment | LoyaltyOne | Other
Disaggregation of revenue
Total revenue	1.4	11.3
Operating segment | Card Services
Disaggregation of revenue
Revenue from contracts with customers	(32.3)	(30.7)
Finance charges, net	940.6	1,214.3
Total revenue	908.3	1,183.6
Operating segment | Card Services | Servicing fees, net
Disaggregation of revenue
Revenue from contracts with customers	(32.3)	(30.7)
Operating segment | Card Services | United States
Disaggregation of revenue
Total revenue	908.2	1,183.6
Operating segment | Card Services | Canada
Disaggregation of revenue
Total revenue	$ 0.1
Corporate/Other
Disaggregation of revenue
Revenue from contracts with customers		0.1
Total revenue		0.1
Corporate/Other | Other
Disaggregation of revenue
Revenue from contracts with customers		0.1
Corporate/Other | United States
Disaggregation of revenue
Total revenue		$ 0.1

REVENUE - Contract Assets and L

REVENUE - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Change in Contract with Customer, Liability
Deferred revenue	$ 1,022.6		$ 1,004
Cash proceeds	106.5
Revenue recognized	(102.1)
Other	0.3
Effects of foreign currency translation	13.9
Amounts recognized in the consolidated balance sheets:
Deferred revenue (current)	920.4		898.5
Deferred revenue (non-current)	$ 102.2		105.5
Period for which interest and fee income accrue until balance, interest and fees paid or charged off	180 days
LoyaltyOne | Other current liabilities
Change in Contract with Customer, Liability
Deferred revenue	$ 71.1	$ 66.9
Revenue recognized	(83.2)
Service
Change in Contract with Customer, Liability
Deferred revenue	241.2		247.2
Cash proceeds	40.6
Revenue recognized	(49.9)
Effects of foreign currency translation	3.3
Amounts recognized in the consolidated balance sheets:
Deferred revenue (current)	139
Deferred revenue (non-current)	102.2
Redemption
Change in Contract with Customer, Liability
Deferred revenue	781.4		756.8
Cash proceeds	65.9
Revenue recognized	(52.2)
Other	0.3
Effects of foreign currency translation	10.6
Amounts recognized in the consolidated balance sheets:
Deferred revenue (current)	781.4
Card Services
Amounts recognized in the consolidated balance sheets:
Unamortized contract costs	$ 296.9		$ 311.1

REVENUE - Performance Obligatio

REVENUE - Performance Obligation (Details) - LoyaltyOne $ in Millions	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue, expected timing of satisfaction of remaining performance	9 months
Revenue, remaining performance obligation	$ 113.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue, expected timing of satisfaction of remaining performance	12 months
Revenue, remaining performance obligation	$ 85.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue, expected timing of satisfaction of remaining performance	12 months
Revenue, remaining performance obligation	$ 38.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue, expected timing of satisfaction of remaining performance	12 months
Revenue, remaining performance obligation	$ 3.9

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 286.2	$ 30
Denominator:
Weighted average shares, basic	49.7	47.6
Weighted average effect of dilutive securities:
Net effect of dilutive stock options and unvested restricted stock (in shares)	0.1	0.1
Denominator for diluted calculations (in shares)	49.8	47.7
Basic income per share:
Net income per share (in dollars per share)	$ 5.76	$ 0.63
Diluted income per share:
Net income per share (in dollars per share)	$ 5.74	$ 0.63
Restricted stock units
Weighted average effect of dilutive securities:
Anti-dilutive shares excluded from the calculation of net income per share (in shares)	0.2	0.3

ACQUISITION (Details)

ACQUISITION (Details) - USD ($) shares in Millions, $ in Millions	Dec. 03, 2020	Sep. 28, 2020	Mar. 31, 2021	Dec. 31, 2020
Fair values of assets acquired and liabilities assumed in acquisition
Goodwill			$ 1,351.1	$ 1,369.6
Bread
Acquisition
Number of shares initially acquired		3.5
Percentage of interest acquired		6.00%
Total acquisition percentage	100.00%
Equity consideration shares of common stock	1.9
Cash consideration	$ 275	$ 25
Equity consideration	149.2
Deferred consideration	75
Gain (loss) recognized on remeasurement	0
Total consideration, net of cash and restricted cash acquired	491
Fair values of assets acquired and liabilities assumed in acquisition
Installment loan receivables	111.7
Accounts receivable	0.2
Other current assets	0.6
Property and equipment	0.3
Developed technology	90.7
Right of use assets - operating	3.6
Deferred tax asset, net	7
Intangible assets	11.3
Goodwill	369.6
Total assets acquired	595
Accounts payable	2
Accrued expenses	2.9
Operating lease liabilities	3.5
Non-recourse borrowings of consolidated securitization entities	95.6
Total liabilities assumed	104
Net assets acquired	$ 491
Equity consideration shares of common stock	1.9

DISPOSITION (Details)

DISPOSITION (Details) $ in Millions	Jan. 10, 2020USD ($)item	Sep. 30, 2020USD ($)	Mar. 31, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout payments received		$ 5
Disposal Group, Estimated Fair Value of Remaining Contingent Purchase Price			$ 1.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Precima
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	$ 43.8
Contingent consideration	$ 10
Number of earnout determination dates | item	2
Net carrying value of assets and liabilities (including other comprehensive income)	$ 26.8
Allocation of goodwill	3.2
Strategic transaction costs	5.8
Pre-tax gain on sale of business, net of strategic transaction costs	8
Cash associated with Precima, included in total consideration	$ 10.8

CREDIT CARD AND LOAN RECEIVAB_3

CREDIT CARD AND LOAN RECEIVABLES - Allowance for Loan Loss and Delinquencies (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)item	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Total credit card and loan receivables				$ 15,536.6	$ 16,784.4
Less: Credit card and loan receivables - restricted for securitization investors				10,221.3	11,208.5
Other credit card and loan receivables				5,315.3	5,575.9
Unbilled finance charges				201.8	219.4
Allowance for loan loss	$ 2,008	$ 2,150.8	$ 1,171.1	$ 1,843.3	2,008
Allowance for Loan Loss
Number of credit card and loan receivable groups | item				4
Payments allocated to future purchase activity				$ 0
Balance at beginning of period	2,008	1,171.1	1,171.1
Provision for loan loss	33.4	655.9
Recoveries	50.9	67.9
Principal charge-offs	(249)	(388.1)
Balance at end of period	$ 1,843.3	2,150.8	$ 2,008
Number of days a loan is contractually past due before resulting in charge-off	180 days
Number of days after notification of creditor's bankruptcy or death when an account is charged-off	60 days
Principal charge-offs, net of recoveries	$ 198.1	320.2
Actual charge-offs for unpaid interest and fees	$ 130.5	231.9
Period for which interest and fee income accrue until balance, interest and fees paid or charged off	180 days
Period an account becomes past due before a proprietary collection scoring algorithm automatically scores the risk of an account becoming further delinquent	30 days
Amortized cost of receivables balances contractually delinquent:
Total delinquent				727.6	915.6
Modified Credit Card Receivables
Impaired credit card and loan receivables				$ 460.6	$ 489.8
Maximum percentage of credit card receivables to total portfolio				3.00%	3.00%
Average recorded investment in impaired credit card receivables	$ 481.7	314.7
Interest income on modified credit card receivables	$ 8.8	5.5
Maximum
Allowance for Loan Loss
Number of days after notification of creditor's bankruptcy or death when an account is charged-off	180 days
ASU 2016-13
Allowance for loan loss		644
Allowance for Loan Loss
Balance at end of period		$ 644
Group A (Current, risk score - high)
Allowance for Loan Loss
Estimated Life (in months)	14 months
Group B (Current, risk score - low)
Allowance for Loan Loss
Estimated Life (in months)	19 months
Group C (Delinquent, risk score - high)
Allowance for Loan Loss
Estimated Life (in months)	17 months
Group D (Delinquent, risk score - low)
Allowance for Loan Loss
Estimated Life (in months)	26 months
Credit Card and Loan Receivables
Receivables				$ 15,142	$ 16,376.4
Modified Credit Card Receivables
Number of short term forbearance programs | item	2		2
Short-term forbearance programs				41.8	67.3
Deferred forbearance programs				115.2	157.4
Duration of short term program one	3 months
Duration of short term program two	6 months
Outstanding Balance				31.1	39.9
Maximum period of time temporary programs' concessions remain in place	12 months
Installment Loan Receivables
Receivables				131	118
Allowance for loan loss	$ 5.7		$ 5.7	6.5	5.7
Allowance for Loan Loss
Balance at beginning of period	5.7
Balance at end of period	$ 6.5		$ 5.7
Period for which interest and fee income accrue until balance, interest and other fees are paid or charged off on installment loan receivables	120 days
Other
Receivables				$ 263.6	$ 290

CREDIT CARD AND LOAN RECEIVAB_4

CREDIT CARD AND LOAN RECEIVABLES - Amortized Cost Basis Credit Card and Loan Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total delinquent	$ 727.6	$ 915.6
Current	14,545.4	15,578.8
Total	15,273	16,494.4
31 to 60 days delinquent
Financing Receivable, Past Due [Line Items]
Total delinquent	193.5	272.5
61 to 90 days delinquent
Financing Receivable, Past Due [Line Items]
Total delinquent	149.3	203.3
91 or more days delinquent
Financing Receivable, Past Due [Line Items]
Total delinquent	$ 384.8	$ 439.8

CREDIT CARD AND LOAN RECEIVAB_5

CREDIT CARD AND LOAN RECEIVABLES - Troubled Debt Restructurings (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)item
Credit Card Receivables
Modifications related to troubled debt restructurings within credit card and loan receivables
Number of Restructurings | item	63,628	75,065
Pre-modification Outstanding Balance	$ 93.2	$ 112.8
Post-modification Outstanding Balance	$ 93	$ 112.7
Troubled debt restructurings that subsequently defaulted - credit card receivables
Modifications related to troubled debt restructurings within credit card and loan receivables
Number of Restructurings | item	51,009	31,670
Post-modification Outstanding Balance	$ 67	$ 44

CREDIT CARD AND LOAN RECEIVAB_6

CREDIT CARD AND LOAN RECEIVABLES - Credit Quality on Amortized Cost Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 15,142	$ 16,376.4
Percentage of amortized cost basis of credit card receivables outstanding	100.00%	100.00%
No Score
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 182.4	$ 204.1
Percentage of amortized cost basis of credit card receivables outstanding	1.20%	1.20%
27.1% and higher
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 1,208.3	$ 1,390.4
Percentage of amortized cost basis of credit card receivables outstanding	8.00%	8.50%
17.1% - 27.0%
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 780.6	$ 848.8
Percentage of amortized cost basis of credit card receivables outstanding	5.20%	5.20%
12.6% - 17.0%
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 841.1	$ 937
Percentage of amortized cost basis of credit card receivables outstanding	5.60%	5.70%
3.7% - 12.5%
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 6,633.1	$ 7,305.5
Percentage of amortized cost basis of credit card receivables outstanding	43.80%	44.60%
1.9% - 3.6%
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 2,633	$ 2,939.5
Percentage of amortized cost basis of credit card receivables outstanding	17.40%	17.90%
Lower than 1.9%
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 2,863.5	$ 2,751.1
Percentage of amortized cost basis of credit card receivables outstanding	18.80%	16.90%
Installment Loan Receivables
Credit Quality
Amortized Cost Basis of Receivables Outstanding	$ 131	$ 118
Installment Loan Receivables | FICO Score Above 660
Credit Quality
Percentage of total amortized cost basis of revolving loan receivables outstanding	86	86
Installment Loan Receivables | FICO Score Below 660
Credit Quality
Percentage of total amortized cost basis of revolving loan receivables outstanding	14	14

CREDIT CARD AND LOAN RECEIVAB_7

CREDIT CARD AND LOAN RECEIVABLES - Securitized Credit Card Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Portfolio Held For Sale
Proceeds from sale of credit card portfolio		$ 289.5
Securitized Credit Card and Loan Receivables
Total credit card and loan receivables - restricted for securitization investors	$ 10,221.3		$ 11,208.5
Principal amount of credit card receivables - restricted for securitization investors, 91 days or more past due	174.7		$ 200.8
Net charge-offs of securitized principal	$ 131.1	$ 239.5

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
INVENTORIES, NET
Inventories, net	$ 146	$ 164.3

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Marketable securities
Amortized Cost	$ 218.2		$ 219
Unrealized Gains	5.5		6.4
Unrealized Losses	(1.7)
Fair Value	222		225.4
Other Investments, Total
Amortized Cost	218.2		219
Unrealized Gains	5.5		6.4
Unrealized Losses	(1.7)
Fair Value	222		$ 225.4
Fair Value, Marketable securities
Less than 12 months	41.7
Total	41.7
Unrealized Losses, Marketable securities
Less than 12 months	(1.7)
Total	(1.7)
Amortized Cost
Due in one year or less	45.7
Due after one year through five years	0.7
Due after ten years	171.8
Total	218.2
Fair Value
Due in one year or less	45.7
Due after one year through five years	0.7
Due after ten years	175.6
Fair Value	222
Realized gains or losses
Realized gains or losses from the sale of investment securities	$ 0	$ 0

REDEMPTION SETTLEMENT ASSETS (D

REDEMPTION SETTLEMENT ASSETS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
REDEMPTION SETTLEMENT ASSETS
Amortized Cost	$ 713.2		$ 674.6
Unrealized Gains	14.6		19.1
Unrealized Losses	(2.1)		(0.2)
Fair Value	725.7		693.5
Fair Value
Less than 12 months	124.5		46.2
12 Months or Greater	10.5		10.3
Total	135		56.5
Unrealized Losses
Less than 12 months	(2)		(0.1)
12 Months or Greater	(0.1)		(0.1)
Total	(2.1)		(0.2)
Amortized cost of the redemption settlement assets by contractual maturity
Due in one year or less	139.9
Due after one year through five years	469.7
Due after five year through ten years	31.8
Total	641.4
Estimated fair value of the redemption settlement assets by contractual maturity
Due in one year or less	140.6
Due after one year through five years	482.2
Due after five year through ten years	31.1
Total	653.9
Realized gains or losses from the sale of investment securities	0	$ 0
Restricted cash
REDEMPTION SETTLEMENT ASSETS
Amortized Cost	71.8		55.4
Fair Value	71.8		55.4
Mutual funds
REDEMPTION SETTLEMENT ASSETS
Amortized Cost	26.5		26.9
Fair Value	26.5		26.9
Corporate bonds
REDEMPTION SETTLEMENT ASSETS
Amortized Cost	614.9		592.3
Unrealized Gains	14.6		19.1
Unrealized Losses	(2.1)		(0.2)
Fair Value	627.4		611.2
Fair Value
Less than 12 months	124.5		46.2
12 Months or Greater	10.5		10.3
Total	135		56.5
Unrealized Losses
Less than 12 months	(2)		(0.1)
12 Months or Greater	(0.1)		(0.1)
Total	$ (2.1)		$ (0.2)

LEASES (Details)

LEASES (Details)	3 Months Ended
	Mar. 31, 2021
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	17 years

LEASES - Lease expense (Details

LEASES - Lease expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease expense
Operating lease cost	$ 11.1	$ 10.2
Short-term lease cost	0.2	0.3
Variable lease cost	1.6	0.2
Total	$ 12.9	$ 10.7
Remaining lease term - operating leases	10 years 8 months 12 days	11 years 3 months 18 days
Discount rate - operating leases	5.30%	5.20%
Supplemental cash flow information related to leases was as follows:
Operating cash flows from operating leases	$ 14.3	$ 14.4
Operating leases - Right-of-use assets obtained in exchange for lease obligations	$ 1.7	$ 2.6

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Lease liabilities
2021 (excluding the three months ended March 31, 2021)	$ 27
2022	39.9
2023	37
2024	34.7
2025	33.8
Thereafter	206.7
Total undiscounted lease liabilities	379.1
Less: Amount representing interest	(93.9)
Total present value of minimum lease payments	285.2
Amounts recognized in the March 31, 2021 consolidated balance sheet:
Current operating lease liabilities	22.7	$ 23.6
Long-term operating lease liabilities	262.5	$ 276.4
Total present value of minimum lease payments	$ 285.2

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Finite Lived Assets and Indefinite Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule of Finite and Indefinite-lived Intangible Assets
Finite lived assets, gross	$ 577.6	$ 592.4
Accumulated Amortization	(503.9)	(511.9)
Finite lived assets, net	73.7	80.5
Total Intangible Assets
Gross Assets	578.8	593.6
Accumulated Amortization	(503.9)	(511.9)
Net	74.9	81.7
Tradenames
Indefinite Lived Assets
Indefinite lived assets	1.2	1.2
Customer contracts and lists
Schedule of Finite and Indefinite-lived Intangible Assets
Finite lived assets, gross	348.9	363
Accumulated Amortization	(341.1)	(354.5)
Finite lived assets, net	$ 7.8	8.5
Amortization Life and Method
Useful life	3 years
Total Intangible Assets
Accumulated Amortization	$ (341.1)	$ (354.5)
Customer contracts and lists | Minimum
Amortization Life and Method
Useful life		3 years
Premium on purchased credit card portfolios
Schedule of Finite and Indefinite-lived Intangible Assets
Finite lived assets, gross	137.2	$ 137.2
Accumulated Amortization	(78.1)	(72.8)
Finite lived assets, net	59.1	64.4
Total Intangible Assets
Accumulated Amortization	$ (78.1)	$ (72.8)
Premium on purchased credit card portfolios | Minimum
Amortization Life and Method
Useful life	3 years	3 years
Premium on purchased credit card portfolios | Maximum
Amortization Life and Method
Useful life	13 years
Collector database
Schedule of Finite and Indefinite-lived Intangible Assets
Finite lived assets, gross	$ 55.7	$ 55
Accumulated Amortization	(55.3)	(54.5)
Finite lived assets, net	$ 0.4	$ 0.5
Amortization Life and Method
Useful life	5 years	5 years
Total Intangible Assets
Accumulated Amortization	$ (55.3)	$ (54.5)
Tradenames
Schedule of Finite and Indefinite-lived Intangible Assets
Finite lived assets, gross	33.6	35
Accumulated Amortization	(29.2)	(30.1)
Finite lived assets, net	4.4	4.9
Total Intangible Assets
Accumulated Amortization	$ (29.2)	$ (30.1)
Tradenames | Minimum
Amortization Life and Method
Useful life	4 years	4 years
Tradenames | Maximum
Amortization Life and Method
Useful life	15 years
Noncompete agreements
Schedule of Finite and Indefinite-lived Intangible Assets
Finite lived assets, gross	$ 2.2	$ 2.2
Accumulated Amortization	(0.2)
Finite lived assets, net	$ 2	$ 2.2
Amortization Life and Method
Useful life	5 years	5 years
Total Intangible Assets
Accumulated Amortization	$ (0.2)

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Maturity Schedule (Details) $ in Millions	Mar. 31, 2021USD ($)
Estimated amortization expense related to intangible assets for the next five years and thereafter
2021 (excluding the three months ended March 31, 2021)	$ 19.2
2022	21
2023	16.1
2024	11.2
2025	2.4
Thereafter	$ 3.8

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Goodwill Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill
Beginning Balance	$ 1,369.6
Effects of foreign currency translation	(18.5)
Ending Balance	1,351.1
Operating segment | LoyaltyOne
Goodwill
Beginning Balance	736
Effects of foreign currency translation	(18.5)
Ending Balance	717.5
Operating segment | Card Services
Goodwill
Beginning Balance	633.6
Ending Balance	$ 633.6

DEBT (Details)

DEBT (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2021USD ($)	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Debt
Less: Current portion		$ 6,787.4	$ 6,553.9
Long-term portion		3,169.5	3,238.7
Less: Current portion		1,862.6	1,850.7
Long-term portion		$ 1,983.2	3,859.2
Number of conduit facilities | item		3
Series 2018-A asset backed term notes
Debt
Debt repaid by the company	$ 591.5
Retained amount of subordinated class of notes	$ 66.5
Series 2016-A Notes
Debt
Principal payments collected during accumulation period		$ 294.4
Total deposits
Debt
Deposits		9,967.3	9,805.1
Less: Unamortized debt issuance costs		10.4	12.5
Less: Current portion		6,787.4	6,553.9
Long-term portion		3,169.5	3,238.7
Certificates of deposit
Debt
Deposits		$ 5,732.7	6,014.9
Certificates of deposit | Minimum
Debt
Interest Rate (as a percent)		0.15%
Certificates of deposit | Maximum
Debt
Interest Rate (as a percent)		3.75%
Money market deposits
Debt
Money market deposits		$ 4,234.6	$ 3,790.2
Money market deposits | Minimum
Debt
Interest Rate (as a percent)		0.36%	0.38%
Money market deposits | Maximum
Debt
Interest Rate (as a percent)		3.50%	3.50%
Non-recourse borrowings of consolidated securitization entities
Debt
Less: Unamortized debt issuance costs		$ 5.3	$ 5.3
Total non-recourse borrowings of consolidated securitization entities		3,851.1	5,715.2
Less: Current portion		1,862.6	1,850.7
Long-term portion		1,983.2	3,859.2
Fixed rate asset-backed term note securities
Debt
Total non-recourse borrowings of consolidated securitization entities		$ 2,898.9	3,423.8
Fixed rate asset-backed term note securities | Minimum
Debt
Interest Rate (as a percent)		2.03%
Fixed rate asset-backed term note securities | Maximum
Debt
Interest Rate (as a percent)		3.95%
Secured Loan Facility
Debt
Total non-recourse borrowings of consolidated securitization entities		$ 52.2	$ 86.3
Weighted average interest rate (as a percent)		3.90%	3.90%
Conduit asset-backed securities
Debt
Maximum borrowing capacity		$ 3,200
Total non-recourse borrowings of consolidated securitization entities		900	$ 2,205.1
Line of credit amount outstanding		$ 900
Conduit asset-backed securities | Minimum
Debt
Interest Rate (as a percent)		1.35%	1.39%
Conduit asset-backed securities | Maximum
Debt
Interest Rate (as a percent)		1.87%	1.89%
Long-term and other debt
Debt
Total long-term and other debt		$ 2,809	$ 2,834.3
Less: Unamortized discount and debt issuance costs		26.1	28.6
Less: Current portion		101.4	101.4
Long-term and other debt		2,681.5	2,704.3
Senior Notes Due 2024
Debt
Total long-term and other debt		$ 850	$ 850
Interest Rate (as a percent)		4.75%	4.75%
Senior Notes Due 2026
Debt
Total long-term and other debt		$ 500	$ 500
Interest Rate (as a percent)		7.00%
2017 Credit Agreement
Debt
Total availability under Credit Facility		$ 750
2017 revolving line of credit
Debt
Total long-term and other debt		0
2017 Term Loans
Debt
Total long-term and other debt		$ 1,459	$ 1,484.3
Weighted average interest rate (as a percent)		1.86%	1.90%
BrandLoyalty credit agreement
Debt
Total long-term and other debt		$ 0

DERIVATIVE INSTRUMENTS - Activi

DERIVATIVE INSTRUMENTS - Activity and Location of Outstanding Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Notional amount, fair value and classification of the company's outstanding derivative contracts
Unrealized gain on cash flow hedges, net of tax	$ 0.9	$ 0.3
Foreign currency exchange forward contracts | Other current assets
Notional amount, fair value and classification of the company's outstanding derivative contracts
Derivative instruments, fair value	0.8		$ 0.4
Foreign currency exchange forward contracts | Other current liabilities
Notional amount, fair value and classification of the company's outstanding derivative contracts
Derivative instruments, fair value	$ 1.2		$ 1.5

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Regulatory Matters and Cardholders (Details) - Epsilon - Discontinued Operations, Disposed of by Sale $ in Millions	Jan. 19, 2021USD ($)item	Jan. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Contingencies
Loss contingency, total	$ 150
Number of installment payments | item	2
Loss contingency accrual			$ 75	$ 150
Loss contingency, payment		$ 75

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Stock Unit Awards and Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 29, 2021	Mar. 18, 2021	Jan. 28, 2021	Mar. 31, 2021	Mar. 31, 2020
Stock Compensation Plans
Common Stock dividends and dividend equivalent rights declared (in dollars per share)	$ 0.21		$ 0.21	$ 0.21	$ 0.63
Dividends paid		$ 10.4		$ 10.7	$ 30.3
Payments related to dividend equivalent rights				$ 0.3
Performance-based restricted stock unit awards
Stock Compensation Plans
Shares granted (in shares)				95,762
Weighted average grant-date fair value (in dollars per share)				$ 92.62
Percentage of stock units on which restrictions will lapse in February 2024				100.00%
Performance-based restricted stock unit awards | Minimum
Stock Compensation Plans
Percentage of stock units to vest				0.00%
Performance-based restricted stock unit awards | Maximum
Stock Compensation Plans
Percentage of stock units to vest				170.00%
Service-based restricted stock unit awards
Stock Compensation Plans
Shares granted (in shares)				611,312
Weighted average grant-date fair value (in dollars per share)				$ 86.89
Award vesting period				3 years

STOCKHOLDERS' EQUITY - Stock Co

STOCKHOLDERS' EQUITY - Stock Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense	$ 6.8	$ 4.7
Cost of operations.
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense	4	2.7
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense	$ 2.8	$ 2

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income
Balance	$ 1,521.6	$ 1,588.3
Changes in other comprehensive income (loss)	(37.3)	(18.2)
Recognition of foreign currency translation adjustments upon sale of business		3.8
Balance	1,764.3	1,087.7
Precima
Accumulated Other Comprehensive Income
Recognition of foreign currency translation adjustments upon sale of business		3.8
Net Unrealized Gains (Losses) on Securities
Accumulated Other Comprehensive Income
Balance	23.2	2.5
Changes in other comprehensive income (loss)	(8.3)
Changes in other comprehensive income (loss)		1.6
Balance	14.9	4.1
Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income
Balance	(0.7)	(0.1)
Changes in other comprehensive income (loss)	0.9
Changes in other comprehensive income (loss)		0.3
Balance	0.2	0.2
Net Unrealized Gains (Losses) on Net Investment Hedge
Accumulated Other Comprehensive Income
Balance	(7.5)	(7.5)
Balance	(7.5)	(7.5)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income
Balance	(20)	(94.8)
Changes in other comprehensive income (loss)	(29.9)
Changes in other comprehensive income (loss)		(23.9)
Recognition of foreign currency translation adjustments upon sale of business		3.8
Balance	(49.9)	(114.9)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income
Balance	(5)	(99.9)
Changes in other comprehensive income (loss)	(37.3)
Changes in other comprehensive income (loss)		(22)
Recognition of foreign currency translation adjustments upon sale of business		3.8
Balance	(42.3)	(118.1)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income
Balance	(5)	(99.9)
Changes in other comprehensive income (loss)	(37.3)	(18.2)
Balance	$ (42.3)	$ (118.1)

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value of Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financial assets
Credit card and loan receivables, net	$ 13,693.3	$ 14,776.4
Redemption settlement assets, restricted	725.7	693.5
Other investments	222	225.4
Financial liabilities
Deposits	10,146.1	10,015.9
Non-recourse borrowings of consolidated securitization entities	3,903.1	5,783.4
Long-term and other debt	2,870.4	2,875.1
Carrying Amount
Financial assets
Credit card and loan receivables, net	13,693.3	14,776.4
Redemption settlement assets, restricted	725.7	693.5
Other investments	222	225.4
Derivative instruments, fair value	0.8	0.4
Financial liabilities
Derivative instruments, fair value	1.2	1.5
Deposits	9,956.9	9,792.6
Non-recourse borrowings of consolidated securitization entities	3,845.8	5,709.9
Long-term and other debt	2,782.9	2,805.7
Fair Value.
Financial assets
Credit card and loan receivables, net	15,977.1	17,301.2
Redemption settlement assets, restricted	725.7	693.5
Other investments	222	225.4
Derivative instruments, fair value	0.8	0.4
Financial liabilities
Derivative instruments, fair value	1.2	1.5
Deposits	10,146.1	10,015.9
Non-recourse borrowings of consolidated securitization entities	3,903.1	5,783.4
Long-term and other debt	$ 2,870.4	$ 2,875.1

FINANCIAL INSTRUMENTS - Fair _2

FINANCIAL INSTRUMENTS - Fair Value Level Disclosure (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets disclosed at fair value
Marketable securities	$ 222	$ 225.4
Total assets measured at fair value	15,977.1	17,301.2
Liabilities disclosed at fair value
Total liabilities measured at fair value	16,919.6	18,674.4
Level 2
Liabilities disclosed at fair value
Total liabilities measured at fair value	16,919.6	18,674.4
Level 3
Assets disclosed at fair value
Total assets measured at fair value	15,977.1	17,301.2
Recurring
Assets disclosed at fair value
Mutual funds	26.5	26.9
Corporate bonds	627.4	611.2
Marketable securities	222	225.4
Derivative instruments, fair value	0.8	0.4
Total assets measured at fair value	876.7	863.9
Liabilities disclosed at fair value
Derivative instruments, fair value	1.2	1.5
Total liabilities measured at fair value	1.2	1.5
Recurring | Level 1
Assets disclosed at fair value
Mutual funds	26.5	26.9
Marketable securities	33.8	34.2
Total assets measured at fair value	60.3	61.1
Recurring | Level 2
Assets disclosed at fair value
Corporate bonds	627.4	611.2
Marketable securities	188.2	191.2
Derivative instruments, fair value	0.8	0.4
Total assets measured at fair value	816.4	802.8
Liabilities disclosed at fair value
Derivative instruments, fair value	1.2	1.5
Total liabilities measured at fair value	$ 1.2	$ 1.5

FINANCIAL INSTRUMENTS - Assets

FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financial assets
Credit card and loan receivables, net	$ 15,977.1	$ 17,301.2
Total assets measured at fair value	15,977.1	17,301.2
Financial liabilities
Deposits	10,146.1	10,015.9
Non-recourse borrowings of consolidated securitization entities	3,903.1	5,783.4
Long-term and other debt	2,870.4	2,875.1
Total liabilities measured at fair value	16,919.6	18,674.4
Level 2
Financial liabilities
Deposits	10,146.1	10,015.9
Non-recourse borrowings of consolidated securitization entities	3,903.1	5,783.4
Long-term and other debt	2,870.4	2,875.1
Total liabilities measured at fair value	16,919.6	18,674.4
Level 3
Financial assets
Credit card and loan receivables, net	15,977.1	17,301.2
Total assets measured at fair value	$ 15,977.1	$ 17,301.2

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Effective tax rate utilized (as a percent)	27.40%	(18.10%)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment information
Revenues	$ 1,084.9	$ 1,381.8
Other operating expenses	514.4	523.1
Provision for loan loss	33.4	655.9
Depreciation and amortization	34	38.8
Operating income (loss)	503.1	164
Interest expense, net	108.7	138.6
Income (loss) before income taxes	394.4	25.4
Operating segment | LoyaltyOne
Segment information
Revenues	176.6	198.1
Other operating expenses	135.9	133.5
Depreciation and amortization	9	18.2
Operating income (loss)	31.7	46.4
Interest expense, net		(0.3)
Income (loss) before income taxes	31.7	46.7
Operating segment | Card Services
Segment information
Revenues	908.3	1,183.6
Other operating expenses	361.5	365.7
Provision for loan loss	33.4	655.9
Depreciation and amortization	24.4	19.7
Operating income (loss)	489	142.3
Interest expense, net	79.1	110.2
Income (loss) before income taxes	409.9	32.1
Corporate/Other
Segment information
Revenues		0.1
Other operating expenses	17	23.9
Depreciation and amortization	0.6	0.9
Operating income (loss)	(17.6)	(24.7)
Interest expense, net	29.6	28.7
Income (loss) before income taxes	$ (47.2)	$ (53.4)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
Cash and cash equivalents	$ 2,858.6		$ 4,456.8
Restricted cash included within other current assets	316.5		253.2
Restricted cash included within redemption settlement assets, restricted	71.8		55.9
Total cash, cash equivalents and restricted cash	3,246.9	$ 3,463.2	4,765.9	$ 3,958.1
Restricted cash in principal accumulation for repayment	$ 294.4		$ 225.3